Hi I am 24 years old and I have a few debts that I cannot afford to pay because I had lost my job and became extremely behind to the point that some have went to judgements in civil court and I just cannot afford to pay money to all these and still survive. I have arthritis and my prescriptions and dr visits are adding up! I have a 2 year old to take care of. I was wondering can I file bankruptcy? And if I do file bankruptcy how many years does it take for me to qualify for anything. Being that I am so young I am only renting and my credit is terrible so I cannot qualify for anything. I just want to know when I would be able to apply and qualify for a home loan. Is there a minimum amount of debt you must have to file bankruptcy? How much does it cost to file bankruptcy? What does bankruptcy really do? I am in New Mexico. And need some advice. I cannot risk getting a garnishment of my wages or anything because then I would lose everything! Please help.

I am aware of my situation and ask that you do not criticize just please help if you can.

There are so many variables in your question, you really should just talk to a Bankruptcy Attorney.

They will give you an initial consultation without any charge, explain how it works, and discuss the fees that they will charge.

That really is your best option.

Your cost for filing BK will depend on the particular attorney you use and the chapter you file. Chapter 7 is usually cheaper than 13 because it is overwith sooner and there is less paperwork. An attorney that specializes in Bankruptcy can answer all your specific questions and they all usually meet with you for free the first time. As far as future home loans most lenders require at least 2 years since a bankruptcy unless you have a big down payment (40-50%). For FHA it's 2 years and that's most likely your best bet after you get yourself straightened out again financially.

The filing fee for bankruptcy went up a while ago. I remember when it was about $300 to file. A lot has happened in the bankruptcy laws in the last few years as well. A consult with a bankruptcy attorney can help. There are also do-it-yourself bankruptcy kits out there that you can fill out and file yourself - BUT don't do this until you talk to an attorney to see if you even should file bankruptcy in the first place.