How much is enough to bankrapt?

I have 3 credid card debt, the total is more than $20000.
It doesn't seem too much, but I can't simply get out of the debt in the present situation.
I'm working hard, but it is not enough for paying for credit card and $600 of childsupport every month, plus I have a wife who can't work.
I don't own a house, so there is not much stuff to lose.
Bankrupcy seems like the best option for me right now.
Would you tell me what the consequences I have to face after bankrupcy, and is there any other option?

HI I almost filed 3 months ago , dont do it, email me frist.

[nailtech]

read his previous post and do yourself a favor.....



[URL=http://forum.freeadvice.com/showthread.php?s=&threadid=100750]read this post --- click here[/URL]

[bigun]

First of all, are your current? If so, I'd do all in my power to stay current. There are only 2 ways to get out of debt {excluding bk}. You have to earn more and, spend less. The average minimum payment on a cc is 2 1/4% of the principle per month. On $20K you need $450/month for the minimums. You obvisously need to quit charging and adopt the mantra "if I can't pay cash I can't afford it". Can you pick up a pt job just to get a bit ahead?

BK isn't the diaster it was 15 or 20 years ago but, it's still nasty. It'll be on your credit report for 10 years. It'll be several years before you can get finaning on anything at conventional rates. Many insurance companies are starting to review credit reports to price a policy or, even decide if they'll underwrite the policy. Back to the credit report. After 10 years, the bk is suppressed unless, you apply for a job, a mortgage, or life insurance of over $150K then, it will be disclosed.

$20K in your situation may well be unsurmountable but, bk really ought to be the last option.