Legal Question in Bankruptcy in California

Re: bankrupcy vs. foreclosue

It depends. If the foreclosure is based upon a loan that was incurred to buy the home, then the bank cannot sue you for a deficiency. However, if the foreclosure is based upon a loan for money you put in your pocket, then you can be sued for a deficiency, and the bank can take your other assets. No one knows how credit scores are calculated. It is a big secret. Whether one or the other will affect your score is unknown and there is no way I know of how to find that information out. In a Chapter 13 bankruptcy, you keep all the assets you want to and surrender the ones you don't want any more.