lates and BK

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So what happens when you do a BK? you stop paying 3 months before you file and get hit with several accounts reporting you 60 or 90 days late. Then once you file they are notified within days and the creditors do what in regards to reporting you? do they stop reporting you as late?

Going into a BK what can someone do to minimize its effect?

How should one set themselves up to make the system benefit them as much as possible?

Have I read that some people change addresses to get the BK deleted off the reports (in regards to public notices)

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A BK is gonna stay on your report from 7 to 10 years. Lates prior to the BK will exist for 7 years max. So it really doesn't matter. The BK will be there long after the lates drop off.

People who get a BK removed by changing addresses and then disputing the BK are, frankly, just lucky. The benefit of BK is to get a fresh start when there are no other options open to you. The rest is not so beneficial. After a BK you are basically in "credit hell" for about 3 years. Sure you can get cards and car-loans but usually only at comparatively high interest rates. FHA home loans are a no-go until 2 years have passed after the BK7. So it's not all roses, but it's not all thorns either.

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