[angelcv]

Can you declare bankruptcy when you owe 20 000 and if not what do they do,how much do they make you pay per month,can you still put money aside in a bank and what do they take from you.:confused:

[AtlantaTaxExpert]

Angel:

The amount you owe is only one part of the scenario to be considered if bankruptcy is an option.

A debt of $20,000 can be rather heavy for someone who makes only $30,000 a year. For someone who makes $300,000 a year, it is a minor inconvenience.

Also considered are your age, whether you are single or married, what other assets you have in your name, and other factors.

I suggest you seek guidance from a counselor associated with Consumer Credit Counseling Service (can be found in the Yellow Pages). If bankruptcy is an option, they will tell you how to go about it.

[ScottGem]

I agree with ATE, Also there is no way to answer the rest of your questions without knowing more details about the nature of the debt, the status of the debt, your income etc. You would be better off discussing this with a counselor.