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I just reworked my loan with my bank. Im considering bankruptcy? |
I have a lot of medical debt because of an amputation, mostly copays and an old bad car loan. How negatively will that affect my credit? And can it affect my reworking of my home loan? It depends. Bankruptcy is very hard now but still possible. If you have equity in your home you may be forced to sell it to pay towards your debt. Unless you live in a State that has homestead exemption. If you have no equity or qualify for homestead exemption, you can reaffirm on your home and keep it. This is a simply agreement that states that you agree to continue making your payments as agreed. It doe's not effect your term, rate or payment. If you do this be sure and call your lender and make sure that they continue to report to the credit bureaus after you reaffirm. This will help you re-establish your credit after your bankruptcy discharges. I went through a BK over 7-years ago and reaffirmed on a loan I had with Ford. 2-years after my discharge I bought a new car at 3.9%. 1-year later I bought a new home with no money down and a 6.5% fixed rate. My credit now is better then it was before my BK. So those people that say bankruptcy is the end of the world siumply do not know what they are talking about. Source(s): Finance Manager for over 7-years. Bankruptcy kills your credit...there is no way around it. Dont ever file bankrupcy for something in that sort you will be very sorry It actually adds to the problem when you are trying to finance anything I dont think it ever come off your credit |
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