Need advice ASAP

[Lightning]

Yes, your income is low, but filing bankruptcy on a relatively small amount of debt at this point in your life may not bring the benefit you want. You're not yet working full time. You're still attending school and incurring debt as a result. No matter what your degree, a job is never guaranteed. Since student loans are not dischargable in bankruptcy, you'll be paying on that debt regardless of your income.

At the age of 47 with 2 children, I really think you need to reprioritize your financial decisions. You have essentially no retirement savings. If you've not earned much during your adult years, social security will be woefully low and most likely will still keep you well below the poverty level. You will probably need to work far beyond "retirement" age.

What are you going to school for? Is it something you have previous experience in? Realistically, if you spend another 2-3 years in school studying for a completely new career, things will not be easy for a 50-something with no experience. You'll be starting at the bottom of the ladder with 22 year olds right out of college.

[sunshine08]

Lightening has a point (& said it very well), unless it is in the medical field and your area is hard pressed for workers, or maybe education, you may want to stop and take a minute.
I got my degree at 30, thought about a master's not worth it in the long run, there is nothing in our pay scale that would give me more money or more real room to advance.