Credit already a mess, should I file for bankruptcy?

My husband and I both have poor credit scores on the upper 500s. we have about 4 charge offs, three of which we’ve since paid and settled. Two we are working on. Is it best to file bankruptcy or keep paying on these cards that we can no longer afford because I lost my job last February and haven’t been able to find a job to match my previous salary. Id like to improve our credit score. It seems no matter what we do our score does not improve much.

Terry Says:  Well, a bankruptcy will stay on your credit report for 10 years — while bad things like chargeoffs fall off your report in 7 years.  So on the face of it, you should make the effort to keep paying.  But we do have bankruptcy law for when things get overwhelming.  How do you know for sure?  Call the National Foundation for Credit Counseling at 800.388-2227.  That will connect you to the nearest local office.  Talk with them about your situation.  You can trust their advice.