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have house we owe $155K on and now not worth that much - prob upside down by $30K or more..have car that was repo'd 8 yrs ago that they are trying to collect on...several med bills....2 current vehicles that are constantly late because my job is commission and having difficulty keeping up with all payments - even the house. we need to move to get closer to work as we both drive an hour each way to work in 2 seperate cars...racking up miles on them and now upside down in them too.... what are options? think of selling but cannot cause we are upside down in house - cannot sell cars cause they have too many miles due to long commute and upside down in them...not a lot of cc debt - only about $4000. credit already shot due to late pays....what is next? my thought is just walking away from all of it but not sure we qualify for chapter 7.... together we clear about $4K monthly but have that much in monthly debts too....and husband owes state and federal taxes....

Niicss · Posted: Wed Mar 17, 2010 2:51 am Post subject:

If you want to start afresh, then you should go for Chapter 7. If you want to go ahead and file Chapter 7, then you should contact a bankruptcy attorney and check out whether or not you clear the means test. If you are not able to clear the test, then you'll have to go for Chapter 13. However, you should note that filing bankruptcy would lower your score by 200 points.

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Chapter 7?