Many Questions Need Help

[jennywren]

I have been reading this forum for about 2 weeks and many of my questions have been answered but I would like to break down my personal situation and seek some advice. Here is my debt information:

Credit Card: 50, 000

1 home mortgage and 1 rental property

We took a cash advance out in March of 14000 for home repairs and updates. Recently our renters stopped paying rent so we are left with 2 mortgage payments.

We are exploring the options of bankruptcy but I don't want to lose our home we reside in.

Here are my questions:
Can we reaffirm one house and not the other?

We have a camper and a vehicle with loans...can we reaffirm both of them?

Ultimately we want to file on the credit cards and our rental property...how long should we wait due to the cash advance?

We are not sure what to do at this point but we are living pay check to pay check. Our credit card payments alone are over 800 a month, mortgage on both homes are 1300, Secured loan payments are 450. I took the means test and we pass.

[blessed]

Hmm, I'm really unsure what to tell you with that huge cash advance. I guess schedule 2-3 free consults with bk attorneys in your area and see what they tell you.

You generally don't want to reaffirm anything. You should be able to keep the home you're living in (as long as you keep paying on time and have enough of your state's homestead exemption to cover any equity) and let the rental go. If something happens with either of your cars, engine blows etc, you don't want to have that reaffirmation agreement signed. Same with the house, if you lose your job or can't pay in the future it is better to have the OPTION of walking away.

GL!