Most all the things
you assume about bankruptcy are just wrong.
Not exact matches
Make it sound like it's something you're thinking
about in addition to other options, like
bankruptcy assuming it is true of course.
Therefore,
assuming they could afford the mortgage payments after
bankruptcy, this theoretical couple could keep a $ 500,000 home through the
bankruptcy process as long as home equity does not exceed $ 37,500 (as long as the mortgages encumbering the home added up to
about $ 460,000).
According to FICO, if the
bankruptcy is the only bad mark you have, you can still get back to a good credit score after
about 5 years,
assuming you stay on track during that time and don't have any additional late payments.
If you're considering filing for
bankruptcy, it is safe to
assume that there is some nervousness that you are feeling
about what happens after
bankruptcy.
The whole business is like The Hunger Games with those at the top often not honest
about how they made it — ie inherited money, relied on a spouse's income, have a pension,
assumed mortgages when possible and made money when property values increased — borrowed equity to survive, have rental income, or sold their own property, or have teams — actually serfs below them — or declare
bankruptcy and start over leaving debt behind.
I
assume you don't have a foreclsoure, or
bankruptcy in your past what
about collections and judgments.