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    mijo668's Avatar
    mijo668 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Oct 4, 2007, 05:33 AM
    Bankruptcy vs foreclosure
    What is the difference? Which is worse?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Oct 4, 2007, 05:49 AM
    They are totally different. Bankruptcy is a legal safe haven to protect you from debt. Depending on the type of bankruptcy you may need to work out a liquidation of assets to at least partially pay debt.

    A foreclosure is simply the recovery of property when you default on a loan where the property was used as collateral.

    Both have adverse affects on your credit.
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