Will my credit be affected if the the bank forecloses?

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Will my credit be affected if the the bank forecloses?

I filed chap 7 bankruptcy about 1 year ago.

Asked on April 14, 2017 under Real Estate Law, Georgia

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Yes, it will be: it will be another major debt that you did not pay and on which the creditor had to take collections actions, and which will be reported as such. Since your credit has already been badly damaged by bankruptcy, there may not be that much additional impact, but it will further hurt your credit.


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