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May 2014 Archives

Can filing for bankruptcy prevent foreclosure?

Bankruptcy can be many things to many people in that it can bring relief from a variety of burdensome debts and become the means of a new beginning. One of the not uncommon motivations for a bankruptcy filing is to avoid or delay foreclosure. A recent article in the Huffington Post took on this topic, pointing out that bankruptcy acts as a sort of foreclosure “kill switch,” a last resort for underwater homeowners who have been unsuccessful in obtaining relief from their lenders.

Rebuilding credit after bankruptcy

Filing for bankruptcy is not something one should take lightly. One of the reasons why debtors need to think carefully before filing for bankruptcy is that their filing will remain on their credit report for quite some time. According to Experian, it can be 7 or 10 years, depending on the type of bankruptcy filing. A Chapter 7 filing remains on one’s credit for 10 years, and a Chapter 13 filing remains for seven years.