What do you think my chances are?

[B2K]

Even though I've recently joined, I've been reading for about a year. I want to know your honest (yet, respectful) opinions.

Here's my rundown:

I'm 25 years of age.
Gross about 28K annually.
I graduated with a BS (literally) degree and about 80K worth of SL. debt. I decided to go back to school to find a job to afford me a better paying job. With my current degree I'm only limited to non-profits and/or low paying jobs. Even with my master's field, I still will not be rich, but it's something.

But before I could go back to school, my SL payments were due. Of course only making 1600 a month, I couldn't afford to pay 600 bucks in student loans. So I charged them for a while. In addition to those charges, I've racked up about 20G in debt (no judgment please).

I failed horribly at calculating my monthly payment. I cannot afford my debt now I'm at a place where I have to just 'ignore' the calls and letters because I cannot pull money out that I do NOT have. What would you do? Do you think I have a chance at Chapter 7? What do you guys think? I just can't see myself getting out of this hole. Even with my master's my salary will range 35K. And to make matters worse all of these charges occured within just a couple of years.

[ansky0007]

If you have been reading a while then you should know that student loans are not dischargeable, So even if you filed BK you would still be liable for those $600 montly student loan payments. Have you contacted the company handling your student loans and asked about extending the length of the loan and try to lower your interest. My wife has student loans through salliemae and they charge a very low 4.7% intestest and the payments are very reasonable.

[B2K]

Thanks for replying ansky0007! I know that I am responsible for the student lon debt which I am (fearfully lol) awaiting. However, I am speaking of the CC debt that I have in result of trying to 'pay up' my SL until I can go back to school. To be honest, the SL are the least of my worries. Once I get into school, I have about 3 years until those are due. I need to worry about what I am going to do NOW about this massive CC debt. I'm wondering if I should attempt to BK it.