A. Not in the short run. A debtor with many unpaid charge offs is just as unbankable as one with a bankruptcy. A. Bankruptcy stays on your credit report for seven to ten years. Most consumer debt drops off the report after seven. Surprisingly there can be.
Some banks prefer to see an old bankruptcy rather than old unpaid charge offs.
An old unpaid charge off means you still owe the money and creditors may force you to pay them rather than the new creditor considering your request. An unpaid charge off also indicates an unwillingness to deal with your debt. As bad as a bankruptcy can be, it shows you have dealt with the debt. Also, you might still file for bankruptcy with an unpaid charge off. Once you file a chapter 7 you can't do it again for 6 years.