Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Is it better to foreclose or file for bankruptcy? - ~~It depends on what state you live in. Some states allow the mortgage holder to sue you for the difference of what your house sells for after foreclosure to what is remaining on the loan balance. If you live in one of these states you may have to file anyway to protect yourself from that happening.
It would be on your record and hurt either way. With BK then a creditor know you are not allowed to file BK again for 7 years. However a foreclosure is a big ding too. It would be best to speak with a BK attorney in your area and find out the best option according to your financial situation. Consultations are free and you can find out if you qualify for BK or not. You do have to meet certain criteria to be able to file.~~ -
