Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - How much and how long does bankruptcy cost? - I have a friend that only 19 years old and have the same amount of debit of a 40 year old with kids and 2 mortgages. she only gets paid $8 an hour and had horrible spending habits. she mentioned that she was interested in filing for bankruptcy but i always hear that thats doing more harm then good. most of her debit is from credit cards phone bills over drawn bank accounts and household bills like cable electric things of that nature and she also has an eviction on her record.