I was going to file bankruptcy. However, when I recently pulled up my Experian report, I found most of the accounts with a zero balance. This probably means that the accounts have been charged off. Does this mean I don't need to file bankruptcy anymore?

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Write-offs usually indicate that you don't owe the creditors anymore, but the debt isn't gone. It's just transferred, maybe to some collection agency. I agree with Abbie. You need to wait for some time and see how aggressively the collection attempts start or whether it starts at all. A lot also depends on how old the debt accounts are, and if they have crossed their SOL. A bk will eventually get rid of your debts but it's going to hurt your score even worse. Pull up all your reports, wait and consult with an attorney and then decide whether you even need to file for bankruptcy.

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Well, write-offs doesn't mean that your debts are not collectible. However, you may wait for some time before filing bankruptcy.


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