Credit report negatives:

[DaddyDavid]

Now that I 'waited out' all my debts and they are now time barred from legal collection without having filed BK (3 year SOL in AZ), I'm perusing my credit reports, and find that my bad debts erase from there after 7 years, but if I HAD filed BK, that stays put for TEN years. Hmm. Another unknown pleasant suprise from my decision to wait rather than file. Not to mention that since I did not file, I have that option still open.

[SMinGA]

The bankruptcy itself (judgment record for filing ch. 7) stays for 10 years. Derogatory credit accounts still stay just for 7.

Not a major distinction though...