Valued Contributor
Posts: 1,063
Registered: ‎05-26-2010
Re: To BK or not to BK?!

From a legal standpoint, yes, you can file without any late accounts.  Ethically, are the debts truly unmanageable or just "inconvenient"?  What's changed since you ran up the debts that makes them no longer affordable?  I'm not trying to be judgemental, but to play devil's advocate - if you ran up these debts and discharge them in BK, how will you avoid getting into trouble again?


There are other factors - what have you run up in the last 90 days and six months?  A consultation with a BK lawyer is really important to understanding all the rules and traps.


If you decide filing is the right course for you, you're correct, your post-discharge score will be better if you have no "lates" or other derogs.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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