Posted on: 15th Nov, 2011 09:57 pm
I’m planning to file Chapter 7 within the next few months. When should I stop paying my unsecured debts? Should I stop paying on them now or wait until after I file? Will stopping my payments hurt my credit score more?
Hi Jeremy,
Stopping your payments will definitely hurt your credit score more. The late payments will be reported to the credit bureaus which will have a negative impact on your credit score. The bankruptcy filing will also lower your score by 200 points. So, it's better that you keep on paying unless you file bankruptcy.
Take care
Stopping your payments will definitely hurt your credit score more. The late payments will be reported to the credit bureaus which will have a negative impact on your credit score. The bankruptcy filing will also lower your score by 200 points. So, it's better that you keep on paying unless you file bankruptcy.
Take care
If its a car note, then the lender can repo the car, if its credit cards, and you are going to file BK, then your credit will be shot anyways for a few years. Paying or not paying, that is your decision. But once you file BK, credit card companies will shut off your credit anyways...
