Should I file bankruptcy or just keep rebuilding?

[Anonymous]

I have judgements with the major lenders. Capital One from 10+ years ago yet they still let me back in with a secured card and a $200 limit. I know there is a possibility from what I read on this forum that it will never graduate but at least I am in for now and I'm only out $49. I still get notices in the mail about it from Portfollio Recoverery.

I was thinking of trying Discover Secured and BOA secured eventually. Should I do this now? Or should I file for bankructy?

Will I just be stuck in secured, low limits until the judgements fade more and more in the background?

Anyone ever NOT file and regret it? Or do you regret it more filing?

[pizzaman1]

Hey I'm not an expert but I filed a year ago haven't looked back since. Although I still have some work to do all my cards are unsecured. I do carry some balances but I've not been late once and my scores are in the mid 600. I'm happy I filed and I can get my life in order

[Anonymous]

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@Anonymous wrote:

I have judgements with the major lenders. Capital One from 10+ years ago yet they still let me back in with a secured card and a $200 limit. I know there is a possibility from what I read on this forum that it will never graduate but at least I am in for now and I'm only out $49. I still get notices in the mail about it from Portfollio Recoverery.

I was thinking of trying Discover Secured and BOA secured eventually. Should I do this now? Or should I file for bankructy?

Will I just be stuck in secured, low limits until the judgements fade more and more in the background?

Anyone ever NOT file and regret it? Or do you regret it more filing?

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Ultimately a BK is your decision to make. However there isn't enough info here for anyone to help evaluating if BK might make sense. (Income/debts/how old the judgments are/etc.) If you want to share the full details, I'm sure some folks will be able to jump in with advice.

[Anonymous]

@altctr welcome to MyFico Forums!

Yeah, please feel free to share any additional details. I never thought I would file and I wrestled with it for almost a year. I finally filed in the late summer of 2015 and my Chapter 7 was discharged in November of that year. I can honestly say that it was the best decision I could have made.

After filing, I spent months on this forum, reading and reading about how members of the community put their financial lives back together post BK and the information is invaluable. I would never have believed that there was such a bright light at the end of the tunnel. It's almost been 18 months since my discharge and I have never had one minute of regret. Just my 20 cents lol!! 

Chapter 7: Discharged November 2015
Total Revolving Credit Lines January 2016: $2600
Total Revolving Credit Lines January 2017: $138K

Total Revolving Credit Lines March 2017: $163K
11/15 Fico 8: EQ-585, TU-550, EX- 551
01/17 Fico 8: EQ-695, TU-703, EX-673
03/17 Fico 8: EQ-694, TU-710, EX-678
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