Sometimes I'll see a client in a situation where credit repair is not a realistic option, they just have too much unaffordable debt. For those situations, bankruptcy is by FAR your best option. Most, if not all, of your debt is wiped out, depending on which Chapter(7 or 13) bankruptcy requirements you qualify for.
The effects of bankruptcy on your credit score may surprise you, your credit score will immediately be in the mid 600s after bankruptcy discharge. You'll get new offers for credit cards and car loans immediately after the discharge. If you don't make any mistakes after the bankruptcy, your score can be 700+ within 3 years, I've seen it many times.
The only drawback to bankruptcy is that you can't qualify for a mortgage for 2 years.
If you live in California, please contact Terrence for a free consultation:
Law Offices of Terrence Fantauzzi