If I owe five to six thousand and I only make 32 thousand a year would it be worth it to file bankruptcy?

Bankruptcy costs at least a $1,000 for a simple case like yours (if you go to one of the attorneys that advertises on TV - it'll probably cost at least $2,000). You're going to be paying $1,000 to discharge $5,000 to $6,000. And you'll have a bankruptcy on your credit history. I'd advise you to try to pay off your debts without filing the bankruptcy. With your low level of debt, I don't think bankruptcy makes sense.

The answer depends, would have to take a look at your budget. Two people making the same amount of money could have very different financial needs even if they are the same age. If for example one person has access to inexpensive housing or the option to move in with family temporarily access to inexpensive or public transportation, that person might be able to create a budget that would allow for repayment of this debt. On the other end of the spectrum if for example a person has a medical condition and therefore ongoing out of pocket medical expenses that can't be avoided, must live on their own, or has other reasonable and necessary expenses that cannot be reduced/eliminated it might prove impossible to repay this debt. Outside of bankruptcy there are other options to consider such as credit consolidation or debt settlement. I would suggest that you start by making a list of your monthly recurring expenses (be honest with yourself in doing this exercise) don't forget to average out monthly the quarterly and annual expenses (registering vehicle, car insurance, or whatever it may be) to figure how much money is going where. Then think about what changes, reduction in expenses and increases in income are possible and how much money could be freed up and made available to repay the debt. Perhaps a friend or a family member is willing in A NON-JUDGMENTAL WAY to help you with this process. The only way out as far as repayment is to make payments above the minimum (minimum payments are designed to keep you in debt for 2-3 decades). Start with the highest interest rate debt first to pay that off as quickly as possible before moving on to the next most expensive debt. I won't lie, it's not easy, it takes serious dedications and replacing "I want [fill in blank]" or "I don't want [fill in blank]" with "I need." and "I don't need..". If a repayment plan is simply not doable next option could be credit consolidation. In credit consolidation interest rates are reduced or eliminated, credit cards are closed preventing new charges, debts are reduced to one payment. A number of non-profit agencies provide this service and contacting them and working out a hypothetical repayment plan does not create the obligation to enter into a plan. You could even try it and if it proves impossible go to the next remedy. Make sure you are dealing with a non-profit reputable organization - look for reviews on line or referrals from friends. Understand that only paying your debt as due will ensure your credit score is not impacted negatively. Without knowing anything more about your specific situation, so generally speaking, a debt of $5,000 is an amount that with some determination and time can be paid off without bankruptcy or other credit damaging scenarios. But this general conclusion could be way off base because of other undisclosed facts about your situation. Your income is low, that is true. There may be ways to increase it or maybe there isn't, it's hard to say without knowing more. Some people will go through their entire life without getting a handle on their finances because regardless of how much they make (I can't stress this enough - it doesn't matter if you make minimum wage or six figures) they still live beyond their means, buying things on credit until it takes over their budget, renting/buying housing they can't afford, having phone plans and cable channels that they can't afford, filling their lives with kitchen gadgets and other "stuff" that in the end does little but collect dust. On a personal note, I have a ton of student loan debt. This kind of debt cannot be eliminated through bankruptcy without a serious problem like a permanent disability. I understand firsthand what it is like to be in debt. I made certain choices years ago and now live with them. I think being in debt it's possibly the worst kind of life. You have an opportunity, being a young person, to turn things around and not be a debt slave i

I usually want to see at least $20k in debt before it makes sense to file BK.

If you could afford to pay $25/month for 5 years, you would not be eligible to file Chapter 7 Bankruptcy under the ?good faith? test. Since bankruptcy is a tool that is only available to you once every 8 years, it would be a shame to throw it away on a small amount of debt when there are other options available to you. You should owe about half of your annual income to be even considering bankruptcy IMHO.