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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Which is worse bankruptcy or foreclosure?

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Which is worse bankruptcy or foreclosure?

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

In terms of your credit, both would reduce your credit score the same,

WALLSTREETESQ :

however a bankruptcy would discharge all judgments and balances,

WALLSTREETESQ :

so your credit would improve in the long run faster,

WALLSTREETESQ :

after a foreclosure, if there is any balance, the lender would have a judgment against you, which would also appear on your record,

Customer: replied 4 years ago.

So can I max out my credit cards to pay off medical bills and then file bankrutcy?

you could do that, however you should not file bankruptcy for several months, as the court consider it a fraud, it would be better to not pay the bills, and file bankruptcy on the medical bills, and not max out credit cards
WALLSTREETESQ and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.

how many yrs is bankruptsy?

once you file a chapter 7 it ends after 3 months, it will stay on your record, for 10 years
Customer: replied 4 years ago.

what does "ends after 3 months" mean

once you file, the bankruptcy is final after 3 months in most cases.
Customer: replied 4 years ago.

Would Bankruptcy stop me from buying a house in those next 10 yrs?

no, your score would go down, within the first year, but after two to three years, you would be able to buy a home and obtain credit.