bankruptcy or pay off the creditors?

[burppyy]

owe about 22k and it will take years and years to pay off.I only make 30k a year mind you.I figure its best to have a fresh start and actually be able to save money for the future instead of paying these creditors forever with nothing to show for.Yes i may need to wait a few years before buying a car or house but i figure those 2 years i will show the creditors that i am responsible now and learned from my past mistakes.Anyone have any suggestions?

[rayt721]

Just because you file for bankruptcy doesn't mean it'll be approved by the courts. They are not so quick to discharge under Chapter 7. Talk to a qualified attorney. You will get your answer as to whether or not you even qualify. The laws have changed drastically making it more difficult to qualify for a Chapter 7. If you're doing a 13, you still carry the bankrupt label but still paying those creditors. If you are thinking about 2-3 years down the road having more debts you haven't learned your lesson and showed responsibility. If you can bail out from credit debt, STOP the cycle.

[shoVel]

Bankruptcy is a difficult road to follow. You can apply, but that doesn't mean you will be approved for it. The courts may not do so.Also, it stays on your record for 7 - 10 years, not 2. You will have a difficult time rebuilding your credit anytime during that timeframe. Your best bet is to cut up your credit cards, and focus on paying down everything. Go see a financial planner (often their services are free if you use one at your bank) and see what sort of plan you can come up with.