Which Is Worse: Bankruptcy or Foreclosure?

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Bankruptcy and foreclosure can both be bad situations, and determining which is worse depends on the individual's situation. Decide whether to liquidate assets or sell a home to pay off a mortgage with help from a civil mediator in this free video on foreclosure law.

Part of the Video Series: Foreclosure Help
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Video Transcript

You have incurred tough times recently and you are facing the prospects of not making your mortgage payments and you're not able to make the minimum balance payment for your credit cards and so it's looking like gee, do I file bankruptcy, do I let them foreclose on my house? Which way do I go? Hello, I'm Robert Todd and I'm here to answer the question "Which is worse: filing bankruptcy or allowing mortgage foreclosure?" And it really is going to depend on your specific situation. Neither is a desired consequence of working for a living and making payments on your bills. But, each has its place. If you cannot make the payments on your home and you think that the house is worth sufficient money to sell and pay off the mortgage, that may be a consideration. Likewise if you think you can liquidate a sufficient number of assets to pay off your debts that may be an answer. Or it may actually require a combination of both. If you are undecided you may seek professional assistance through a financial counselor or a bankruptcy attorney. Or someone who deals in mortgage foreclosures or a combination of all three. I'm Robert Todd and thank you for watching.


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