If my debt is overwhelming with no possible end in site but my accounts are all current and no payments are late, is bankruptcy still an option? I have heard recent news of credit card companies raising minimum payments to as much as double the current amounts. If that happens, I will be late or have under-payments on all of those bills.

By that time, the new bankruptcy law will be in effect. I’m scared this situation is just waiting to pounce on me. If I initiate ch.7 now, maybe I can get out from under the massive, $34K credit card debt I have and be able to pay my car, student, home loans without problems. Is bankruptcy even an option if I’ve never missed a payment?

Here is Dave’s opinion: