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OodSigma

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Bankruptcy impact on an already low credit score?
My credit score has never been very high. The last couple of years it has taken some hits from some medical bills and a few other things. My current score is under 600 and most of the debts I have incurred (other than the medical bills) are paid up as of this month. I am currently unemployed with no income and no way to pay off the debts I have. I am looking into filing for bankruptcy so I can get a new start on an even keel. With most of my debts being paid up (though will soon fall behind) what kind of damage will a bankruptcy do to my abyssmal credit score?

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Did you consult bankruptcy attorney?

If you have not yet consulted with a bankruptcy attorney, please do so.  Their initial consultation is usually free and they'll present doable alternatives.  Bankruptcy does cost for filing and, since you say you are unemployed right now, it may not even be necessary, depending on what assets you have. 

Another thing to consider is that the debts you may have right now will fall off your credit report in 7 years from "date of last activity" (as in, payment) where a bankruptcy will hurt your credit report for the next 10 years.  That is something to seriously consider.  

Hope this helps.

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