Charge offs vs. BK?

At present, your credit is already in the negatives because of the charge off. This thing will be reported in your file for the next seven years from the date of first delinquency. You can actually do some repair work to your credit by paying off the account after checking the SOL of this debt account. You may not be legally obligated to pay the debt if the statutes have expired but if you are concerned about doing some credit repair, the positive effect will last for a while until the seven years reporting is over.

If you decide to file for bankruptcy, remember that Chapter 7 Bankruptcy will be there on your credit for ten years from the date of filing. Chapter 13 will be reported for seven years under some repayment plan.

Have you considered debt consolidation or a debt settlement program before filing for bankruptcy? This can still do some improvement unless you have finally decided to go for bankruptcy.