What would happen if I decided not to file and would my credit score ever recover? 6 Answers as of July 31, 2017

I am on SSDI and have been working on filing Chapter 7 Pro Se. I'm anxious to move into my own place but will have trouble finding a place with my credit the way that it is. I have a foreclosure, a $40,000 debt from the homeowner’s association, and consumer and medical debt totaling approximately $20,000.

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Ronald K. Nims LLC | Ronald K. Nims
Eventually, all debts that haven't filed lawsuits will be barred by the statute of limitations. I would not recommend filing bankruptcy unless your creditors begin filing lawsuits.
Answer Applies to: Ohio
Replied: 7/31/2017
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
That would be a yes.
Answer Applies to: Colorado
Replied: 7/31/2017
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Recovery is an unknown. Your lack of disposable income will be your biggest challenge.
Answer Applies to: California
Replied: 7/30/2017
A Fresh Start
A Fresh Start | Dorothy G Bunce
Well, either you have filed Chapter 7 or you have not filed. If you have filed, there is no easy way to back out now. Bankruptcy does damage your credit for up to 10 years. If you have not filed, for the next 6 years, your credit score can get damaged every month with what will seem like a thousand paper cuts. In either case, repairing your credit does not appear to be something in your near future.
Answer Applies to: Nevada
Replied: 7/28/2017
OlsenDaines | Rex Daines
This is a great question. As you already know, the creditors can not take social security. What they can do is file a suit against you or report negatively on your credit. If your goal is improving your credit, then filing a bankruptcy is the best way to do that as it will officially eliminate all the debt. A creditor has 6 years from the date of default to file a suit, then that suit will remain on your credit reports for 7 years so you have a possibility of 13 years of bad credit based on a defaulted debt. The younger you are, the more bankruptcy makes sense. Also, the more likely it is you will have some income or other assets in the future that are not protected like social security is, the more bankruptcy makes sense.
Answer Applies to: Oregon
Replied: 7/28/2017
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