Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Should I declare bankruptcy or not? - I have $10,000 in medical bills, $1,000 in outstanding credit card debt, and a $10,000 repo. All of these debts are at least three years old. I used to have to dodge creditors all the time but I have lived life under the radar for so long now that they seem to leave me alone. I don't have any bills in my name or a bank account in my name. I am thinking about bankruptcy in order to start rebuilding my credit, but I also think maybe my debts are so old that it wouldn't really matter.