Why stop paying CC's and wait to file?

[Dst1]

I agree, for many that are about to file it's the only way they can get the money together as they are already up to the limits for payments.
I had to really search to find a quality attorney around here for $1500. Many wanted $2500 and more.
It's going to make no differnence if you are going under anyway as the account will be listed as included in the BK.

This is not necessarily true. On thing to consider is the effect on your credit score, if you plan of using credit after the BK. Whether or not you missed a payment and how long ago it was has an impact on your credit that is seperate from the impact of BK. I know someone who filed BK and when they pulled their credit report after discharge had a FICO of 700. When I use the FICO score simulator, one late payment actually has a more dramatic impact on my FICO score than a BK does.

There is a strategy that says, if you can, pay right up until the moment of BK filing. This way you minimize the impact on your credit score.

In short, you shouldn't stop paying on your CCs just because everyone else is doing it. You need to analyze your situation and goals and determine if its the best move for you.

[HHM]

This is not necessarily true. On thing to consider is the effect on your credit score, if you plan of using credit after the BK. Whether or not you missed a payment and how long ago it was has an impact on your credit that is seperate from the impact of BK. I know someone who filed BK and when they pulled their credit report after discharge had a FICO of 700. When I use the FICO score simulator, one late payment actually has a more dramatic impact on my FICO score than a BK does.

There is a strategy that says, if you can, pay right up until the moment of BK filing. This way you minimize the impact on your credit score.

In short, you shouldn't stop paying on your CCs just because everyone else is doing it. You need to analyze your situation and goals and determine if its the best move for you.

That is more myth than reality, we are, in all practical purposes, talking about less than 20 points difference if you stay less than 90 days late. The FICO simulators are not really good at analyzing the situation, since the underlying assumptions used don't reflect what happens in a BK.

[syn]

My dad stopped paying his c.c.'s way before he considered bk. When the debt becomes so overwhelming some people just stop thinking they can catch up the next month but when they can't they realize the only option is bk to get out of the mess.