IS THERE ANY WEBSITES OUT THERE THAT PEOPLE HAVE FEEDBACK ON LIKE FORECLOSURES AND BANKRUPTCYS!! LIKE WHAT THEY EXPERIENCE I JUST NEED TO SEE THERE OUTCOME AND TRY TO LEARN FROM THERE MISTAKES IS THERE ANY BODY OUT THERE THAT HAD FORECLOSURE OR HAD A BANKRUPTCY CHAPTER 7 ONLY NOT 13! PLEASE GIVE ME ANY FEEDBACK THAT YOU EXPERIENCE I NEED BEST DETAIL INFORMATION DID YOU GET GARNISH FOR A DEFFENCY BALANCE WHEN YOU FILE BANKRUPTCY DID YOU COSIGN ON ANYTHING WHAT HAPPEN TO THE COSIGNER I NEED A WEBSITE FOR PEOPLE WHO EXPERIENCE THESE THINGS 10 POINTS BEST!!! IM SO EXCITED THATS WHY IM YELLING I BEEN LOOKING FOR ONE FOR LIKE YEARS!!
To answer what happens to the co-signer,, it gets tricky,
If it's an unsecured loan, the BK will wipe out your liability and the co-signer will become liable for the payment, continuing the same terms they originally entered under, You are under no further obligation to repay,
If it's secured loan, and you re-affirm the debt, the cosigner is more or less secure since you aren't defaulting, If you decide to let the collateral go back, then the co-signer will still be on the hook for the payment, otherwise their credit will take a hit on the repo,
A foreclosure will prevent you from qualifying to purchase another home for at least three years, depending on whether or not you had a hardship that caused the foreclosure (ie, medical, pro-longed un-employment) that you can show has been cured,
Other than that, If you have steady income, you can rebuilt your credit fairly quickly after the BK is discharged, Since you wont have the debt burden weighing you down,, as long as you don't go further in debt after filing and end up underwater again, you'll be fine
Good luck,