New Member
Posts: 4
Registered: ‎02-08-2008

Chapter 7 filing again/old cc charge offs

I filed ch7 in 1998, when I  became ill and could not keep up with my debts. I am in the process of yet filing chapter 7 again due to a job loss in2003 that I never recovered form. I was only out of work for 6 months but the bills got too far behind. I have 1 car note, and 2 credit cards that are current I'e enver been late on. My problems are the colleections and charge offs for 10 accounts that I attempted to settle btu they are asking for outrageous amoutns of money for accoutns that are 5 years old. The statue of Limitations is 7 years in Ohio. I was being sued prior to filing the credit card balance was 500 they were suing me for 4500. My current Fico is 553 I was wondering once all the 10  delinquent /collection accounts are included in Bankruptcy wiil my fico still drop significantly or will it help it?Ive heard that at times a bankruptcy will increase your fico. I apprecaite your thoughts and opionions, thanks.
Established Contributor
Posts: 951
Registered: ‎12-04-2007

Re: Chapter 7 filing again/old cc charge offs

you might take an initial hit to the score but it isn't insurmountable.  Your 10 years is almost up for the first BK on your record.  I filed a chapter 7 in 2001, and a chapter 13 in 04, dismissed, and in 05, just finishing up.  My scores are all around 600 now.  It is taking some time to get them up there but it is possible.
New Contributor
Posts: 70
Registered: ‎02-09-2008

Re: Chapter 7 filing again/old cc charge offs

bk will not really hurt your fico if your fico was bad to begin with.

but as most people here say, the older the baddies get, the less hurtful they become. also, don't hesitate to challenge items in your reports..especially collections....those are perhaps the most hurtful to your score and most likely, they don't bother validating if they have been included in the bk. check for duplicate entries that are baddies. and if you file again and start over, start rebuilding as soon as the discharge comes.

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