Brawley, CA Bankruptcy Law Firms & Lawyers

Yes. U can make arrangements with a credit card co re pymt and then file for bankruptcy later. However, unless your really sure a pymt plan will work, best to not waste more money and just file for bankruptcy protection now.

Whether a foreclosure will appear on your consumer credit report will depend on whether your foreclosure proceeds by a judicial process (where it will appear as a public record) or by the alternate notice process, where bankruptcy law will prevent the lender from reporting it. Unfortunately, when you apply for another mortgage, prospective lenders will have access to the prior foreclosure in either way because they do not just rely on the consumer credit report to make a lending decision. A short sale could be a better option and would not appear on your consumer credit because of the bankruptcy laws. However, it is possible that a short sale could appear on an insider's review of your credit worthiness when applying for a new mortgage loan. Unless you are in the mortgage industry, there is no way for a lawyer representing consumers to know what an insider report might include. And I wouldn't be surprised to find that a loan application specifically asks if you have had a short sale or deed in lieu, which you must answer honestly.