A Bankrutpcy will remain on your credit report for 10 years, where it will continue to make it harder for you to get credit for the entire time the Bankrutpcy is on your credit report. Additionally, a Bankruptcy will reduce your credit score by more points than it has already been reduced by the delinquent accounts.
The accounts that are delinquent will remain on your credit report for 7 years, after which time those accounts will no longer have a negative affect on your credit.
In summary, paying the debts and not filing a Bankrutpcy will result in a faster improvement in your credit score.
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