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Should I File for Bankruptcy After a Foreclosure?

When a foreclosure occurs, many homeowners wonder if they should file for bankruptcy. Although it may seem like the logical thing to do, there are some things you should consider before making this decision.

First, you need to decide if you want to keep your home or not. If you plan on keeping your home, filing for bankruptcy may not be the best option because it will likely increase the interest rate on your mortgage.

Second, you need to consider the impact bankruptcy will have on your credit score. Bankruptcy will stay on your credit report for 7-10 years and will significantly lower your credit score. This can make it difficult to get approved for new loans or lines of credit in the future.

Finally, you need to think about the cost of filing for bankruptcy.

The Law Offices of Omar Zambrano has helped thousands of the people and businesses in the past to get out of debt and start over.

Our goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706

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