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Question By
fitmomx5

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When to file bankruptcy?
Single mom with over $26,000 in debt. I have been trying to improve my credit and it's been improving slowly but surely but it seems that these creditors add back accounts after a certain time frame and there goes my credit again. I haven't opened any new credit cards since my divorce in 2008. More then half of this debt is to do with my divorce.

Any suggestions.

Thank You.

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Bk should be used as a "last resort". If you are just trying to improve your credit read on some my earlier posts about doing it yourself. Good luck my friend.

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Reply by
jwsister

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Bankruptcy will surely HURT your credit score, and sure doesn't help it. 

Bankruptcy hurts your credit for ten years.  Unpaid debts only hurt for, perhaps 7 years.  Another site you may check is Dave Ramsey since some members of CK have used his ideas in repaying debt and did so successfully.

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if they were joint accounts

If these accounts were joint with your husband then they would show on your credit reports - if they were just in his name they should not be on your account at all unless they were joint or you were an authorized user.  Were the accounts divided up as part of the divorce agreement?  If they are not yours then you need to dispute them with the credit bureaus.

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