Chapter 7 eligible?
Hello all, I (26m) have been browsing this subreddit questioning my available options for quite awhile. I’m currently sitting with 41k of unsecured debt between multiple cc’s and a personal loan. The debt was caused by a gambling addiction that I’ve recently been 6 weeks clean now, and have been seeing a counselor during that span. I work a construction material sales job that fluctuates my income heavily by season (currently on pace for 70k~ total for this year. My previous years I grossed 56k & 64k. Im a single household resident in Iowa which has a median of $67,617. As far as expenses go, I currently rent with my GF and pay around $1,000/mo between utilities/rent, and another $500-750/mo between food/dogs. We don’t have any kids. I have an old paid off Camry worth around $2000 maximum via CARFAX. Besides retirement accounts, I have no worthwhile assets to my name. Our lease ends Aug.1 and my GF is heading out of state to pursue additional schooling for 3 months. During this time my parents have been kind enough to let me stay for free, but will have to move out when she returns. Given this information can anyone give me insight to my best route forward? The research I’ve done makes me believe I’d be right on the brink of a ch7. I don’t know if a chapter 13 makes sense since I don’t have any assets to protect. I appreciate any help!
Posted Jul 10, 2026, 7:22 PM UTC