 savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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 Posted: Sat Oct 24, 2009 6:15 am Post subject: |
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Hi cilwilfai,
Missed payments have already had their impact on your credit. Now if you file bankruptcy, it will take your credit score further down. Whether you file a chapter 7 or a chapter 13, your credit will be negatively affected. But if you have too much of debts and cannot manage them properly, I'd suggest you to file chapter 13. It is better than chapter 7 as it helps you pay off your debts through a repayment plan. It will affect your credit in a negative manner, but if you pay off your debts as per the chapter 13 plan, the lender will consider your situation favorably when you apply for a new mortgage in future. |
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