Jack files for bankrupcy on Jan 2, 2000. Jill simply stops paying the bills and throws them in the trash. She changes her telephone to an "unlisted" number as to not get too many collection calls during dinner. July 1, 2000 Jacks bankrupcy is final. July 1, 2000 all of Jill's accounts have now been charged off. Jack has to wait 10 years (until July 1, 2010) before the bankrupcy notation on his credit report is gone. Jill only has to wait 7 years (until July 1, 2007) until the last negative charge off message on her credit report is gone. Conclusion: On July 1, 2007 Jill has a clean credit report from which to start fresh, while Jack has 3 more years of "bad credit status" to go. Other than the SMALL chance a creditor would sue Jill (my position is that they won't because it costs money to sue, and if they do sue, you can offer to settle for a few pennies on the dollar), it seems to me that Jill has it MUCH bettor off than Jack. Therefore, unless you have specific circumstances that necessitate you filing (example: if you hold a Federal job, you can be fired for "not paying your just debts" - Jill could be fired, Jack ,by filing bankruptcy, could not be fired), you are MUCH better off to just let the debts go bad (3 years better off, to be precise). Am I wrong or am I missing something here?