If property is included in Ch7, will that look worse on credit?

[downwardspiral]

We are surrendering two properties in Ch7. They are not worth keeping as we owe much more than the current market rate.

Will that affect my credit score more? Will that make it even harder to buy a few years down the line?

Is bankruptcy one big hit to your credit, or is it several big hits, like bankruptcy and foreclosure?

[Runnin on empty]

We are surrendering two properties in Ch7. They are not worth keeping as we owe much more than the current market rate.

Will that affect my credit score more? Will that make it even harder to buy a few years down the line?

Is bankruptcy one big hit to your credit, or is it several big hits, like bankruptcy and foreclosure?

We didn't surrender our home (sometimes I wish we had), but I would assume that it is a "one time hit" to the credit, and that it will come down to an individual lender if they want to consider that or not.

I've heard of creditors who will NEVER work with someone who has filed BK, even if you've never had credit with them in the past. I've also heard of creditors (auto in this specific case) that will work with people who have filed BK, as long as they didn't have their car included with it. And of course, there are those creditors who will work with anyone, no matter what.

Each case is individually different. If you are upside-down on these properties, it sounds like you don't have a choice. Surrender them, and move on. It may or may not be a stumbling block in the future, but again, it sounds like you don't have a choice.

[2muchstress]

i did foreclosure and chapter 7 ...lately i checked my credit report and looks like in ten yrs, records will be removed. however public record stating i filed chap 7 might be in a report for good... i guess i'll be 10 yrs older to see that.
i decided not to carry on the scars and just move on by living the day. live like nothing happened.
nothing happened!

it's just a nightmare that i wont repeat... i'll never ever buy house again.
i bought it b/c of my sister who was a realtor sugar coating how wonderful it is and later gave guilt trip to help her greed.

never.

[JRScott]

Bankruptcy is one hit. Letting it go in the bankruptcy will not be a double whammy.