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Chapter 11 Bankruptcy VS Credit Counseling?

I have a low credit score (mid 500's) and I am looking to try to get my credit score up. I am wondering whether or not credit counseling or Bankruptcy is better in the eyes of a lender? And how long do I have to wait to apply for a loan? after all is said and done? by abbey.b562 from El Cajon, California. Aug 18th 2015 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Only you can make that decision as to which is best, but in general, the majority of borrowers who go to credit counseling eventually end up filing for bankruptcy.. as far as how the lenders looks at it.. the BK will get you to your goal much quicker than credit counseling.. with a BK, and no mortgage debt included, you can purchase a new home after 2 years using FHA, 3 years if you include a mortgage.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Aug 18th 2015
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

You need to talk to a Financial Advisor and let them advise you.

Aug 18th 2015
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