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cilwilfai · Joined: 24 Oct 2009 Posts: 1 1.33 Dollars($)

My credit is already so bad because excessive missed payments and husband beind laid off from his job do you think bankrupty can make it any worse.

savior70 · Posted: Sat Oct 24, 2009 6:15 am Post subject:

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.

adrianlee1971 · Joined: 13 Sep 2009 Posts: 53 -0.17 Dollars($)

Hi cilwilfai,

you need to apply for Chapter 13 BK. Chapter 7 will not help you.

marga1511 · Joined: 13 Nov 2009 Posts: 42 0.02 Dollars($)

discuss with lender before taking further steps

raymond · Posted: Thu Dec 24, 2009 5:29 pm Post subject:

>>do you think bankrupty can make it any worse.

Yes, but it doesn't matter because your score is probably so low now it doesn't matter. Bankruptcy is intended for that purpose. When used properly, bankruptcy provides debtors with an opportunity of a fresh start. If you can get rid of your existing debt, and learn how to manage money properly and pay all bills on time afterwards, your score will increase and in two years you'll be able to buy a home with only a 3.5% down payment. 0% down if you or your husband is a Veteran.

rita2 · Joined: 23 Apr 2010 Posts: 286 51.03 Dollars($)

Hi,

Your credit score is already low and you also missed payments, so, it already effected your credit score. However, if you file bankruptcy 7/13 it will effect your credit more but you have no other option. It is better for you to file chapter 13 instead of chapter 7 as the lender will provide a comfortable re-payment plan to you. You can also consult with the lender before filing bankruptcy and convince them about your financial situation. A good bankruptcy attorney can give you better suggestion.

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