Can I file?

[toomuchinfo]

What is the name of your state? Oregon.

I don't have a large amount of debt, but I do have a school loan that I am really struggling to pay off. My debt besides the school loan is under $10,000. Someone told me that you couldn't file if your debt was under $10,000. Is this true? My credit is so poor right now that I think it would be better to just start over. I can't seem to afford to make my payments to my creditors, and the balance just keeps adding up. I would like to take care of my creditors, so I can focus on getting my school loan paid off. I made a $100 payment the other day, b/c that was all I could afford after paying the rest of the bills, and it put 50 cents toward my actual loan! Can I file?

 

[Ladynred]

Someone told me that you couldn't file if your debt was under $10,000. Is this true?

Absolutely NOT. There is no minimum debt to file bankruptcy.

Of course you can file, just keep in mind that it will haunt you for the next 10 years. The student loans are NOT dischargable, so you'll be stuck with them no matter what you do. I suggest you find out if you can get the loans into forbearance or deferred until you are making a better income.

I suggest you read up on the process here:
http://www.thebankruptcysite.com

At least you'll have a better idea what you're getting yourself into. BK is not, however a credit death sentence. You will actually recover your credit faster after BK than if you just tough it out with collections and charge-offs.