Chapter 7 Bankruptcy Help!!!

[Fortnite323]

Hi everybody I need some help please 

I got a total of 24 credit accounts 

8 of them is auto loans paid $0 balance closed

Good standing Paid As Agreed and few credit cards I closed few years ago

the rest of them are all closed from being charged off late payments I stop paying for everything there all from 2019 

I was thinking of chapter 7 bankruptcy to start fresh my scores are 520 530 ish 

I just recently opened a self for $48 a month that's it 

I tried getting discover secured and capital one secured and both got declined

do you guys think filing would be better to start fresh I burned a lot of CC companies 

I Live In Arizona

Monthy Is $7,300 

I talk to a attorney today he said chapter 7 would be best for me but I just wanted to get more advice from the credit pro's on here lol 

please much info would be helpful thank you god bless 

[FireMedic1]

---

@Fortnite323 wrote:

Hi everybody I need some help please 

I got a total of 24 credit accounts 

8 of them is auto loans paid $0 balance closed

Good standing Paid As Agreed and few credit cards I closed few years ago

the rest of them are all closed from being charged off late payments I stop paying for everything there all from 2019 

I was thinking of chapter 7 bankruptcy to start fresh my scores are 520 530 ish 

I just recently opened a self for $48 a month that's it 

I tried getting discover secured and capital one secured and both got declined

do you guys think filing would be better to start fresh I burned a lot of CC companies 

I Live In Arizona

Monthy Is $7,300 

I talk to a attorney today he said chapter 7 would be best for me but I just wanted to get more advice from the credit pro's on here lol 

please much info would be helpful thank you god bless 

---

Dont get anymore credit before BK or apply for anything. The courts will see your credit seeking behavior. And. They're going to be closed anyway. First steps first. Put your efforts towards the BK first. Then worry about the rebuild after discharge. Were here to help once its all said and done. Good Luck!

[Jnbmom]

I agree with @FireMedic1  you should not be applying for anything if you are thinking about BK.

How much do you owe to creditors? Bankruptcy is intended for folks who are struggling financially, not just to have a "fresh start".

[disdreamin]

Is the list of creditors you posted back in January of 2020 still accurate? It seems your income has risen substantially since then so, if the car loans are satisfied as you indicated here (I think back then you said there were two sizeable ones outstanding), it sounds like you might have a good-sized shovel to go after the debts rather that considering BK.

[Dirge]

You don't say how much your debt is. If you can arrange payment plans, I'd do that instead of filing for bankruptcy. 

In June my Ch 7 bankruptcy will be off my credit reports after 10 years. I had to do it -- I had $225k in medical debt -- but I wouldn't have done it for just credit card debt, and filing for bankruptcy really messes you up. There are credit cards you might never get, afterward, even if you didn't include them in bankruptcy. There are jobs that run credit reports on applicants, and a bankruptcy doesn't look good. 

Bankruptcy is a tool; just make sure that you really need it. 

eta: I got declined for a Cap 1 secured card, too (I didn't know they would do that!) even though they were not IIB. But six months later they gave me an unsecured card. Cap 1 is really forgiving. Discover secured is a really good card and worth trying again in a while if you can pay a few things off. It generally unsecures after the 7th payment, with a slight increase in credit limit. Mine gave me a $1500 increase 6 months after that. 

[FireMedic1]

---

@Dirge wrote:

You don't say how much your debt is. If you can arrange payment plans, I'd do that instead of filing for bankruptcy. 

In June my Ch 7 bankruptcy will be off my credit reports after 10 years. I had to do it -- I had $225k in medical debt -- but I wouldn't have done it for just credit card debt, and filing for bankruptcy really messes you up. There are credit cards you might never get, afterward, even if you didn't include them in bankruptcy. There are jobs that run credit reports on applicants, and a bankruptcy doesn't look good. 

Bankruptcy is a tool; just make sure that you really need it. 

eta: I got declined for a Cap 1 secured card, too (I didn't know they would do that!) even though they were not IIB. But six months later they gave me an unsecured card. Cap 1 is really forgiving. Discover secured is a really good card and worth trying again in a while if you can pay a few things off. It generally unsecures after the 7th payment, with a slight increase in credit limit. Mine gave me a $1500 increase 6 months after that. 

---

@Dirge  Small corrections. Yes it may be until the BK falls off. Then its open field for any creditor. Even AMEX will give credit if they werent burned 5 yrs and 1 month after filing. The OP doesnt need more credit right now if they're thing about BK. Never isnt a correct assessment.