Should I consider filing?

[keepmine]

Your big problem is income and not debt.
Say you file bk. Yu still only make a $1K/month and still will have car, cell, and whatever other expenses you have. You still won't be able to affors an apt without a roommate. And, you're thinking of going back to school and incur more debt??

Were I you, I'd redouble my efforts to find a fulltime job and, until then pick up a 2nd pt job.
Do you have health insurance? You don't want to file and then 6 months later get sick or have an accident and have large medical debt you can't pay and you already played the bk card.

What you really need is just a basic safety net under and more income. Once you have that in place, reevaluate your situation.

[franks112233]

Could you realistically pay off your debt in two years? Try this calculator to figure that out: You'll need to find out exactly how much your father is willing to help to determine the best path. Is going into debt to him a good idea?

It's good to avoid BK if you can. It should be your last resort, especially when you are starting a new business. If things don't go well with your business and you have already filed BK, you won't have it as an option for a few years. But, you have to balance that with the need to be self-sufficient.

A good rule of thumb is that if you can't realistically pay down your debt within 5 years, you should consider BK.

Thats a good question. Well using that calculator, paying my minimum payments it would take 4.75 years to get everything paid off. That's a long time to spend barely making ends meat, unable to save any money. So thats pretty unrealistic. Thats my problem, I'm just barely able to make the minimum payment. That leaves me no money to save, so when something comes up, lets say I need new car tires, or new brakes, or I have to go to the doctor, or my girlfriends birthday, etc - it all ends up going on the credit cards that are getting paid off in the first place. Jesus what a cycle.

[LadyInTheRed]

So, do I try and do nothing but work nonstop for the next two years and pay my way out of the debt, or do I consider filing? I think my father might be willing to help me out with 3-4 thousand dollars I could borrow from him and pay back with little to no interest rate.

Could you realistically pay off your debt in two years? Try this calculator to figure that out: http://www.bankrate.com/calculators/...alculator.aspx. You'll need to find out exactly how much your father is willing to help to determine the best path. Is going into debt to him a good idea?

It's good to avoid BK if you can. It should be your last resort, especially when you are starting a new business. If things don't go well with your business and you have already filed BK, you won't have it as an option for a few years. But, you have to balance that with the need to be self-sufficient.

A good rule of thumb is that if you can't realistically pay down your debt within 5 years, you should consider BK.

[franks112233]

So the only living family for advice I have is my father, and he is very against me filing for bankruptcy. He feels I should just try and work my way out of it. In his defense, I can see it would be possible but I would like some others input.

I'm about to be 27, living at home as my expenses are just too large to afford my own place.
I currently have about 18,000 in CC debt. I pay about 540 a month in minimum payments.
I have a steady job at about 1000 take home a month, but with my other bills (car, insurance, cell phone, food, etc) I'm basically going minus 50-100 dollars a month.
I recently started my own small business and over the next few months I'll have an extra 4-5 thousand dollars from it. I do video work. Think Weddings, etc.

So, do I try and do nothing but work nonstop for the next two years and pay my way out of the debt, or do I consider filing? I think my father might be willing to help me out with 3-4 thousand dollars I could borrow from him and pay back with little to no interest rate.
I would eventually like to be able to get a place so I can propose to my girlfriend at some point!
I'm also considering going back to get a masters degree in the fall, if its nice and cheap. Will bankruptcy cause me to get less financial aid and loans through the government and fafsa?

Ugh! I need advice. I'm willing to make the changes to live more within my means, and I could do so easily if not for that 500-600 a month I have to toss at the credit cards!