23-year old considering the implications of filing

[badchoices]

I'm a 23 year-old college student who has been very fiscally irresponsible. I started a company, so my parents got me a Chase Business credit card, which I used not for the company but mostly at bars, and at the grocery store, and gas, and car repairs, and clothes. With interest, I owe over $20,000.

The company (which was a partnership) went under soon thereafter (not because of anything I did) but because we could not afford the overheads. I should also clarify that the card was in no way associated with the company - I used it personally.

It's been almost a year since I stopped using the card, but the calls keep coming, and it's gone to collections. I tried making payments, but it all got out of control, and now I surmise bankruptcy is my only option.

In addition, there's a tire which I could never afford to pay for and a medical co-pay which I also couldn't afford. They total less than $1,000.

I would like to pay back my financial obligations but the problem is that I'm completely broke. I have no money whatsoever, and my credit score is shot anyway. So, which is worse, coming out of college with serious delinquint accounts or with a bankruptcy?

That's my main concern: my career (I want to be in business), and being able to support myself until this all goes away. Is it going to be really hard for me to find quality work and move up the ranks as a business professional with a bankruptcy on my record? What other effects do I risk incurring if I decide to take this route? What would you do if you were me?

Thanks

[Flamingo]

First, do a search in this forum on your questions - there have been many college students and younger posting the same questions. My first suggestion to you is to seek help from your parents if that is at all possible to avoid the BK route due to your age and entering the business world. Filing BK can hold you back depending upon which field you enter, especially anything financial related. Remember if you file Chapter 7 it stays on your credit reports for 10 years from the date of filing, 7 years for a Chapter 13. If family support is not an option, obtain several free consultations with some BK attorneys in your state to find out exactly where you stand and what can be done. You don't state if you live on your own, rent, live with parents, etc., etc. so there is a lot involved.

Best of luck to you!