Yes! Making only minimum payments on debt, especially credit card debt will probably keep you in debt forever or at least almost forever. The real question is, can you pay off your debt and live your life. Are you able to save, invest in retirement, and provide medical insurance for you and your family? What about the future? Can you accomplish your financial goals and pay off your debt? If you answered no, then you probably should have filed bankruptcy a long time ago.
Take an honest look at your financial picture. How long will it take you to pay off your debt, making only the minimum payments? 5 years, 10 years, 30 years? Are you able to pay these debts off in a reasonable time? What about those unexpected surprises life always delivers, illness, divorce, marriage, children, sudden job loss? Can you repay your debts and prepare for the inevitable bumps life has to offer? If not, you may want to talk to a bankruptcy attorney.
If you have income and want to repay your debts, a Chapter 13 bankruptcy may be a good option. Chapter 13 bankruptcy allows you to repay your debts in an affordable manner over a short period of time. Or, if your income is limited or non-existent, Chapter 7 bankruptcy which discharges all of your debts may be the best option. Both bankruptcy options allow you to get to your goal of a debt free life quickly.