Which one impacts/hurts your credit scores the most – a foreclosure or Chapter 13 bankruptcy?

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Which one impacts/hurts your credit scores the most – a foreclosure or Chapter 13 bankruptcy?

Asked on January 4, 2012 under Bankruptcy Law, Georgia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

In my opinion after handling collection cases for clients as well as doing business law for years, having a foreclosure and a bankruptcy filing on one's credit report damages it. However, between the two, my sentiment is that a forelcosure is worse to have on one's credit report as opposed to a Chapter 13 bankruptcy filing.

At least with respect to this type of a bankruptcy filing, which is a reorganization, the debtor is attempting to make payments to his or her creditors. The debtor simply needs a better time period to do so resulting in the Chapter 13 filing.


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