What will my credit score do if I file bankruptcy twice?

[BankruptcyX2]

I filed a Chapter 7 Bankruptcy in 1999 after being laid off from my job - and not having any income for 7 months. Just after the discharge I was gainfully employed and all seemed to be going well... Until February 2002 when I was fired due to missing too much time from work for sickness/doctor appointments... I qualified for Social Security Disability 6 months later, but I did not qualify for Medicare until 2 years later.

Fast forward to today...
...I am now over $100,000 in debt with past-due medical bills, I have over 45 open & active collection accounts and am having my phone ring non-stop from debt collectors wanting money that I truly do not have. Oh, and my FICO score is 544 - and falling.

This brings me to my message subject, I am thinking of filing bankruptcy a second time.

My question is (possibly) very simple: what will my credit score do if I file a second bankruptcy? I'm already at 544... Can it get any/much worse? I will, until July 2010, have two bankruptcy records on my credit report. Other than serving as a point of comedy for anyone who sees my credit report, what will happen to my credit score?

Anyone who has a legitimate, helpful reply to my question please do so!

Thank you for your time and attention!
-trever

[TexMontana]

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BankruptcyX2 wrote:
I filed a Chapter 7 Bankruptcy in 1999 after being laid off from my job - and not having any income for 7 months. Just after the discharge I was gainfully employed and all seemed to be going well... Until February 2002 when I was fired due to missing too much time from work for sickness/doctor appointments... I qualified for Social Security Disability 6 months later, but I did not qualify for Medicare until 2 years later.

Fast forward to today...
...I am now over $100,000 in debt with past-due medical bills,I think that figure answers your question. Would you ever be able to pay that off? I couldn't. I have over 45 open & active collection accounts and am having my phone ring non-stop from debt collectors wanting money that I truly do not have. Oh, and my FICO score is 544 - and falling.

This brings me to my message subject, I am thinking of filing bankruptcy a second time.

My question is (possibly) very simple: what will my credit score do if I file a second bankruptcy? I'm already at 544... Can it get any/much worse? I will, until July 2010, have two bankruptcy records on my credit report. Other than serving as a point of comedy for anyone who sees my credit report, what will happen to my credit score?

Anyone who has a legitimate, helpful reply to my question please do so!

Thank you for your time and attention!
-trever

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[Boscoe]

If  you filed the first BK in 1999, it should be coming off in 2009, not 2010.   Will filing again help or hurt your score?   I would say it is possible it would help it.

Reason for this is simple.  Your utilization will go way down, as will amounts owed, as it will all get discharged.   Just be sure that, about 60 days after you file (assuming you file again) to obtain a copy of all 3 credit reports and ensure that everything is showing $0 owe and "Included in BK".

If you cannot pay the $100k (not sure how you can), then Bk is a legitimate and possibly best option.   However, try to wait as long as you need to so that most if not all of the medical expenses have been incurred and you know how much you truly owe.    If you file too soon and then have additional large expenses soon after you file, you won't be able to discharge those.

The new law requires you wait 8 years between bk filings, which you have done so you are ok that way.   Just try and wait until you think you can turn it around so this time the bk can really help you get back on your feet.

[masdeocho]

Welcome!

Just a small suggestion ... change your phone number to unlisted (although there is no such thing as truly "unlisted" now as CAs can buy directories of "unlisted" numbers) or get a cell phone.  The constant ringing will drive ya nuts.

Good luck!

[Uniqua]

Don't change your number to unlisted, change it to NON-PUBLISHED. There's a difference between the two and the latter is the only one that works. I've been doing it for over 10 years and have yet to be harassed by a creditor at my home.