Underwater everywhere

[uncrunner]

Hello everyone. I hope you all are having a good day. I am trying to avoid bankruptcy. My mortgage is underwater and I owe $14,500 for a car that is Blue Book valued at $7,500 (roll-over from a previous vehicle). I am going the short sale route on my house but I don't know what to do with my car. I can't afford either ($1,400 mtg. and a $405 car payment).

Any suggestions on what to do with the car? Again not trying to BK, at least not yet. Thanks.

[DebtHater]

One possibility is to sell the car and get what you can get out of it and take out a personal loan for the rest. It's better to owe and make payments on $7,000 than $14,500.