Bridge is a file browser more than an organizer. Doesn't sound like it's the best solution for your workflow.
Sounds like you really need a Digital Asset Management tool and workflow for photos which is what Lightroom offers.
You can download a 30 day free Trial version and see if it works for you
So what you are say is that there is no way to just transfer the PSE7 catalog directly into CS5. I have to take the round about way to get it into Lightroom then into CS5? Or do I just leave it in lightroom? I have never used lightroom before. Could you maybe give me a slightly more in-depth and dumb-downed version of what you want me to do?
Or do I just leave it in lightroom?
I'm just suggesting the option that Lightroom might be a better solution as an end destination for your photo needs.
You may not need Photoshop at all or only occasionally. Lightroom and Photoshop work well together but Lightroom could be the new home for your photo collection since it's built specifically for photographers, both professionals and amateurs.
If you only work with Raw, JPG, DNG, TIFF or PSD files then Lightroom is the right tool since they're the only file formats it deals with.
Transfer your PSE catalog into Lightroom and keep/manage it there. Use Lightroom for all your photo management. Just a suggestion to explore. It's a good place to step up to from Elements.
There's plenty of training for Lightroom online.
Unfortunately I am not rich so I cannot afford to buy lightroom after just buying CS5.
I simply need a way to transfer the organization from PSE7 to CS5. Does CS5 have editing and management like elements does?
No, that's what Lightroom is for. It's tailor-made for your purposes.
CS5 has Bridge included but as mentioned before that's more for browsing than organising and asset management.
Well how much does it cost and are there any alternatives?
The price will be at www.adobe.com.
One alternative is to manage the photos using a folder structure on your hard drive. That's my own personal choice, and it's worked for me for 16 years now.