Peter A. Orville's Answers

In the event one or the other needs to occur which would be better..... bankruptcy or forecloser??

It sounds to me that your concern may be...which is worse for your credit rating, bankruptcy or foreclosure? In my experience, a foreclosure takes a longer period to recover from than does a bankruptcy. In fact, if your credit score is already low, a bankruptcy can sometimes raise your score. That is because after bankruptcy, your credit report removes all notations of "balance due" and "past due balance" and replaces them with "included in bankruptcy". In most cases, your credit score can...

Bankruptcy or not? Credit card debt out of control and got worse when credit was cut and interest rates went out the roof!

You are in the same position millions of Americans are in, the credit card companies are not only not working with you, but they are pushing you into a corner where bankruptcy may be your only viable option. Don't assume you don't qualify for a chapter 7 just because you are over the median income. You may still be able to file a chapter 7 if you pass the "means test". Be sure to discuss this with an experienced bankruptcy lawyer. Also don't assume you can't file a chapter 13 just...

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Can you still collect a judgement against someone who's going bankrupt?

Just because the person SAYS they are going to go bankrupt, doesn't mean that they will. Until they actually file bankruptcy, you can go after them all you want. But be very careful. If and when they do file their bankruptcy petition, you cannot make any attempts to collect from them. If you do you may be liable to them for damages for violating the automatic stay that goes into effect when they file. If you feel you may have the right to go after them even after they file bankruptcy, you...

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Filed Chap 13 in hope of saving my home. Bankruptcy dismissed. Lender won 't help. Do I still owe creditors and if I file ch. 7

If the Chapter 13 trustee returned to you the money you had paid in, it sounds like your chapter 13 plan was never confirmed. If it had been confirmed, the money you paid in would have been paid out to creditors. I can't tell from your question if you had a lawyer. I suspect that you either didn't, or that your lawyer did not properly explain to you what was going on in your case. You should seek out a bankruptcy lawyer with experience who is willing to take the time to answer all of...