People on these forums say that their scores didn't drop as much and rebounded sooner if they had no negatives before filing. Yes, the IIB is a major derogatory, but if you have a clean record before filing it reduces the number and variety of negatives.
But, if you already have a bunch of lates on your report, a few more before the IIB won't hurt as much, it's the first one that hits the most.
Be careful about saying you've decided to file and then charging on your cards, whether or not you continue to make payments.
