Bankruptcy or defaulting or charge off..which is better or worse?

Bankruptcy might be a good option for you then. In my case my credit score is a 530, not very good. If I file chapter 7 it will not drop much more but it will be with me for a while. I do however have 4 low limit credit cards that are pretty much paid off. If I file, I will keep these cards and hopefully bring my score back up.

I had cancer 2 times already and lost everything. Now I got too many bills, most are charged off but now I have lawsuits against me. One pending and one judgment. In my case I am judgment proof because I am disabled and I have no assets. Filing will clean everything up, get rid of the judgments and then I can start fresh again.

So in your case by defaulting or letting it get charged off, you leave yourself open to lawsuits which can become costly. If you signed up for these credit cards years ago you MIGHT be a little safer. newer contracts have arbitration clauses and if they sue you, you have no rights at all pretty much.

It's best to do it the legal way and go bankrupt than to not pay your bills and be harassed on a daily basis and have lawsuits placed against you. The bankruptcy does hurt your credit report but having a judgment and bankruptcy showing up is worse.

Just some things for you to consider and best of luck.

i have 27000.00 credit card that has been charged off. we have about 33000.00 in back taxes to pay, plus one car to put in a chapter 13 bankruptcy. if i put the credit card in the backruptcy the payment will be to high for me to make, but we to file bankruptcy for the taxes. please help.

You MUST claim all debts...taxes and student loans are not dischargeable so under a Chapter 13, they will be paid 100%. The trustee will determine after those debts are paid, if there is anything left to pay unsecured creditors...if not, they get nothing...IMO...you need to discuss this with your attorney prior to filing.