Hello All, Newbie and need advice

[w211]

hello all, i have signed for several online forums for educational purpose and could not believe it would come down to this.
i lost my full-time job about 2 years ago and finished college with a BS in business in 2008. i have about $37,000 CC debts (8 cards /w around 20% avg int. rates) and $30,000 student loan. I was able to work freelance under the table to keep up with all my bills and borrowing from my cousin. I recently paid off my car this year. I hardly have anything in the bank account. My car worth about $20,000 right now.
i just got divorce and remarried 2 years ago. my wife and i are agree on filing BK for better our future. it seems like a 900-1000 minimum cc payments is taking us no where.
i'm thinking about filing for chapter 7 but did not want to lose my car. i don't care about keeping the car and want to sell it for cash and pay back personal loan to my cousin.
all my bills and cc are current, my fico is around 600. i just have not pay one card which was due on the 29th of december.
i am going to stop making payments to cc because i no longer can afford to. i just need a general advice when i should file and what i should do with my car.
thank you very much

[LimpDisc]

You won't be able to sell the car for cash and use the funds to pay back your cousin. That would be a preferential payment and the trustee would go after those funds.

[frogger]

Get with an attorney and see what you can exempt.

[StartingOver08]

Interview 3 or 4 attorney's regarding your specific situation.
Research here on this forum for questions to ask to determine if you have the right attorney.

Look at this link under your state to find out what your exemptions are in your district: www.legalconsumer.com

Come back here and ask any question you might have about your specific situation. Read the stickies! There is lots of good info there too. Also, even if you have an attorney to file, you might want to read the NOLO Ch 7 book to get a complete idea of the process. The more you know, the more smoothly your BK will go...Good Luck!

[music12]

limpdisc is right, you can't sell the car to pay your brother. if you do, you will have to wait for 1-2 years before you can file bk, or they will go after your brother and/or you for the money.

the freelancing under the table is a bit worrisome... it's unlikely but somebody might wonder where that money came from. you don't want to end up owing the irs for income taxes.

[w211]

thank you very much everyone, i am glad to ask this question before i take any steps.