Legal Question in Credit and Debt Law in Illinois
credit
Due to divorce issues, What is the least damaging for your credit history, to foreclosed the property and cont. paying everything else, or to file for bankrupcty all together.
Asked on 9/17/08, 8:14 pm
1 Answer from Attorneys
Lesley Hoenig
Lesley A. Hoenig, Attorney at Law
Re: credit
Some people seem to think bankruptcy is less damaging than foreclosure, but both stay on your credit for a long time. The difference is your debt to income ratio vastly improves after a bankruptcy if you have lots of debt to discharge.
Answered on 9/19/08, 12:38 am
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