Welcome @Rw1016 . I take it you have looked into both Chapters 7 & 13? Which one would apply the best for the 2 of you?
Theres so much to go over. Its best to find a lawyer and see whats in store for your particular case. No 13 is the same as someone else. Do you have a mortgage, car loans, and total debt as of now.
Balances or util %'s on the accounts act the same with or without a BK. But you have to remember that the BK filing ding outweighs everything else. As the util % go down scores go up. Not as much as if there was no BK. But they do. Chapt 7 everyone takes a severe hit in the beginning. But after rebuilding it recovers and then stalls until the BK falls off. Thats probably where I'm at now. I broke 750 on EX for 2 months until an old account was removed. Either way we all filed for one of the Chapters and take a hit. And we all have to rebuild. Separate routes. But the end game is a successful rebuild/recovery plan.
Anything negative before the file date of a BK will remain. Once filed, that is the cut off date for anyone to place negative info on your reports from before BK. But that isnt a free ride in a 13 once the plan is in place. You cant have anymore lates, ect. Then the creditors will do the same during a 13 repayment plan as they did before filing. Trustee wont go for lates and so on. You have a boss that has to be paid on time to him/her then.
If you are paying through the bankruptcy trustee, a late payment is a problem. The trustee is not going to contact the lender to say that the payment is coming soon. If your payment due date is prior to the trustee distribution date, the trustee will not have anything to send to your creditors. Trustees could aggressively file a motion to dismiss the Chapter 13 case if something like this happens. You can save your case by opposing the motion to dismiss, but that will likely cost you more in attorney fees and also make you scramble to get that previous payment and the subsequent payment in on time. Dont play with fire.