foreclosure and bankrupt

1. here is immigration forum.
2. bankrupt is your debts too high that you can not pay back. so the court step in and form a new formula for you to payback. ramerdies include but not limited: reduced debt, extended payback time, lower payment, lower interest... at the expense of your bad finacial records.
3. forclosure is about your morgage and your house. if u not pay your home loan for 3 or more month. the lender/bank/morgage company will ask the trustee / court to get your house for the morgage(debt) you owned. you also got a very bad record on your credit report.
4. you file backrupcy case to reorgnize your debt and lender / bank / morgage company file foreclsure against you and take your house away
5. transfer money out and file bankrupcy may not qualify for bankrupt

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• Thanks a lot for your info -cona22607- ♂ (36 bytes) () 03/05/2007 postreply 16:22:47