When thinking “is bankruptcy better than foreclosure?”, at the end of the day you need to realize that while sometimes foreclosure might not affect your credit score as much, it still goes on your credit report, leaves you without your home and fails to settle all the other debt you might carry. Meanwhile bankruptcy affects all your debt not just the mortgage loan debt. Bankruptcy tends to be more global financial relief.
Tag: change of mind
Is bankruptcy like welfare
While welfare and bankruptcy are both used by people with financial struggles they serve very different purposes. Welfare is provided by state or federal governments for eligible citizens and residents who lack sufficient means to support their own basic needs. Think of it as a small boost of income. (Government gets its funds from taxpayers,… Continue reading Is bankruptcy like welfare