All, I figured this may be a better place to post this as I'm not in any type of Professional school yet. Here's my situation: Married 2 daughters in catholic school (2nd grade and Pre-K 1/2 day) 1 8 month old baby boy 1 wife- stays at home with baby I'm an office rep/sales person for an Insurance Agent and I make roughly $32k. And starting to HATE IT!!!!! I'm in the National Guard and make about $400 a month before taxes. I also do the 2 weeks in the summer and get a yearly bonus payment. This year looks to be about $9,500 from the Guard. I am currently a 3/4 student at a university taking online classes (need to either commute 1.5hrs each way or go to local CC for Science classes). I get Ch 30 GI Bill benefits plus my "buy-up" and a Guard GI Bill Kicker. As a 3/4 student I make about $1,365 a month and as a fulltime I'd make about $1,821 or so. I have 2 car loans that cost me about $760 a month. I have most of my credit cards on a debt management program which is about $563 a month and 2 that were not eligible that are roughly $100 together. My older daughter qualified for a scholarship and so the $260 a month I pay now is mostly for my Pre-K daughter who will not be eligible for a scholarship until next school year probably. In October I was so far behind car payments and rent and insurance and stuff that I bit that bullet and we moved in with my in-laws. Yeah I know... Not great but they are awesome for taking us in. Stupid Christmas has once again left me almost penniless. If it weren't for the joy on my kids' faces I'd be DONE with it. Oh well. So to the point of my post!! I'm considering Bankruptcy. I cannot even maintain a household on my income right now. If I have to withdraw from classes I lose a significant portion of my income. I've been working with payday advances and paying bills late for a good part of 2008. I was in the Active military and left when my six year contract was up so that I could go to school fulltime and hopefully get into Medical school. But my debt is KILLING ME!!!! It's my fault and I know it. also my wifes... I've been advised by friends and family to file ch 7. I've been in the process of trying to get back into the Active Air Force which would relieve my income issues. But it will likely kill my chances of getting into medical school. Rotating shifts is the norm in my military occupation and deployments will all hamper my chances at finishing my science classes. Bankruptcy would significantly hurt my chances of getting back onto AD for sure. The other part is that I have to maintain a Secret security clearance for my job with the National Guard. I've heard that bankruptcies can possibly cause clearance revocation/suspensions. I honestly fell more inclined to stay a civilian at this point for many reasons. I like living where I want to and not being tied to a contract. The guard works out better for me. I really want to at least take a crack at applying to medcial school and backup healthcare professions. I'll be eternally kicking my own ass if I don't try. I've toyed with the idea of filing ch 7 then quitting this damn job so I could go back to school fulltime. I can't help but feel bad about just asking for them to discharge all the debt that I've built up since I was 19 or so. Total debt right now is about $58k including the cars. I cannot maintain a household and pay the mins anymore as evidenced by my lack of own home. If I were to go thru the BK and not get into any professional school.... I will in essence have burned my bridges with the military. But I really am starting to hate my civilian job. I am not cut out for sales. And I'm growing tired of my office environment. I really want to move on but I'm anchored by my debt. Any advice? Anyone? I'll hear anyone out on this. Just lay it on me. Does a bankruptcy impact one in the school application process or residency process or even future employment? One of my wife's brother-in-laws is about to start a Pain fellowship in the Summer. He told me I should file. He did right before going to medical school and it's worked out ok for him. I'm probably looking for more reassurance that this would be the right thing to do.