Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Should I file bankruptcy? Or is that for different situations? - I am 27. I have 3 children. I have about $15,000 in debt. ($10,000 is in collections) $5,000 of that is what we owe on our vehicle that we pay on monthly. That was our first loan ever. My husbands debt is only about $3,000 in collections (and of course he is on the loan for the car) <br /> <br />We are low income. In our current situation, we would not be able to pay everything off within 5 years which is the time frame I wanted to accomplish this in. <br /> <br />Is filing chapter 7 more for people that have a ton more debt and own things like homes, cars, boats etc...? That can lose that stuff because of debt? <br /> <br />I am working with a collections agency that is also some kind of lawyers office? They threatened to take me to court over $500 from an original $3.00 overdraft from US bank. I was worried, even though I own nothing, and I wanted to start getting one thing at a time paid off. I have paid ALL in the last 3 months except $192.33. Some income that we were depending on to pay many things off and pay ou rmonthly bills just changed and now we have nothing. I explained that to them and they said Sorry -
