[desigooner]

IIRC, these accounts fall off the credit report in 7 years from the date that was deemed as last activity date on that account.

[Siecje]

So why would anyone declare bankruptcy?

[csours]

If you are sued and found liable for more money than you can reasonably pay, you are more or less forced into bankruptcy.

Declaring bankruptcy generally lets you keep your primary house and car; without bankruptcy those could be taken from you.