What are my options...?

[aabbasi]

What is the name of your state? CA

I am considering to file bankruptcy ...don't know which type (personal, business,...) is the right option for me. I have about $60,000 in credit card debt Mostly resulted from running my own business. My wife and I on the other hand own a property that has $150,000+ equity in it. My wife is the primary on the mortgage and she doesn' want to file bankruptcy. Please let me know how bantruptcy would effect our situation and what options do I have? ...we hardly make the ends meet having 2 small children.

Thanks!

[pojo2]

Hopefully you would be forced to take some of that equity and pay off the debts then you could make ends meet.

And I am not even a rocket scientist!

[Debt Guy]

Bankruptcy is not going to work very well for you. California will not allow you to exempt that much equity in your home. So, you are going to lose it to your creditors.

Either just pay it all off or negotiate settlements with the creditors. If you decide to negotiate, you can do it yourself or you can hire a professional.

I have used a settlement professional and was very satisfied and I think they saved me much more money than their fee. I think I was lucky that I had one that was honest and ethical. But, lots of people have fallen into a trap and their situation made only worse by some companies that are less than ethical. If you decide to hire a settlement professional, be very careful. I have two suggestions:

1. Never ever never pay anything in advance. Most of these guys want thousands of dollars in enrollment fees and it comes up front. Once you pay that money, what is to keep them interested in you? Not much. If you cancel, then they keep all the money you paid and they did nothing to earn it.

2. Read the agreement carefully. Never accept any clause that pre-approves the acceptance of any settlement without your express consent.