To file or not to file?

[dustinc]

I owe 10k on credit cards. I have a pending suit that is about to go to Judgment and 3 cards where I've been late for a year. Would my credit be better if I don't file or will it be about the same since I will have the judgment and a year of lates? I realize that BK stays on for 10 years and the lates for 7, but I'm just wondering if my credit will be affected that much worse during those 7 years if I file BK vs. having the judgment and lates without BK. This is the only thing keeping me from filing. The judgment will be issued in the next few days so I have to decide ASAP. Thank you.

[epiphany]

I owe 10k on credit cards. I have a pending suit that is about to go to Judgment and 3 cards where I've been late for a year. Would my credit be better if I don't file or will it be about the same since I will have the judgment and a year of lates? I realize that BK stays on for 10 years and the lates for 7, but I'm just wondering if my credit will be affected that much worse during those 7 years if I file BK vs. having the judgment and lates without BK. This is the only thing keeping me from filing. The judgment will be issued in the next few days so I have to decide ASAP. Thank you.

Sounds like you aren't completely thinking this through. You talk about having lates and a judgment and having to decide between those and BK, but you don't say that you are going to be able to pay those things this week, next week, next month? You will continued to be obligated and continued to be hounded to pay all that until resolved.

If you want to live peacefully and cannot pay those bills, you need to to make a decision.

You may not be mentally ready to file if you are thinking about your credit report 7-10 years out. All I can tell you is, the longer you wait to take ANY action, the worse things will get.

I know how hard this is...good luck to you!

ep

[dustinc]

Sounds like you aren't completely thinking this through. You talk about having lates and a judgment and having to decide between those and BK, but you don't say that you are going to be able to pay those things this week, next week, next month? You will continued to be obligated and continued to be hounded to pay all that until resolved.

If you want to live peacefully and cannot pay those bills, you need to to make a decision.

You may not be mentally ready to file if you are thinking about your credit report 7-10 years out. All I can tell you is, the longer you wait to take ANY action, the worse things will get.

I know how hard this is...good luck to you!

ep

I think I've decided to file. It will be at least a year before I could start paying and by then the other three creditors would have gotten a judgment. I just don't see that my credit will be affected anymore by a bankruptcy since my score is already so low will all the late payments and the coming up judgment.