Posted on: 13th Feb, 2009 07:05 am
I got current on my morgages,but with times being tough why would i want to agree to pay these depts when a chapter 7 will protect me?
welcome daveh,
by filing a chapter 7 bankruptcy, you will be losing your property to the creditors. if you reaffirm your mortgage then you will have to consistently pay the dues to the lender otherwise he will have the right to foreclose your property. moreover, filing a bankruptcy will also affect your credit report. if you are current on your mortgage payments, then it is good for you and will help you in improving your credit score. to know more about chapter 7, check out the following link:
http://www.mortgagefit.com/bankruptcy/chapter7.html
by filing a chapter 7 bankruptcy, you will be losing your property to the creditors. if you reaffirm your mortgage then you will have to consistently pay the dues to the lender otherwise he will have the right to foreclose your property. moreover, filing a bankruptcy will also affect your credit report. if you are current on your mortgage payments, then it is good for you and will help you in improving your credit score. to know more about chapter 7, check out the following link:
http://www.mortgagefit.com/bankruptcy/chapter7.html