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!