Need Opinions please >>>

[mesa777]

Can someone please give me some advice as to what YOU would do if you were in my sorry situation...

Single, Live in Arizona, Make $52,000.00 a year, home owner.

Have $40,000.00 in credit card debts

Have a $7000 car loan, otherwise around $16-17,000 in equity

Have another vehicle that is new however is financed, dont have much equity in that car.

Own a home, have a first and second mortgage, not much equity.. owe around $225,000.00

I lost my ass on gambling, have taken out over $26000 in cash advances over the last 4-5 months.. Have made payments and are current on ALL my bills at this time, have a 700+ credit score..

Can continue to pay the minimums on my credit cards for a few more months.. May just let the house go back as the housing market is sinking faster than the Titanic did..

I do not want to lose my value in my vehicle, can someone please tell me what you would do in my situation.

I need opinions, I do not want to file bankruptcy however do not want to get sued and go through the process of bill collectors calling... ect..

Thanks

[CindyLou]

Hi Mesa,
Good to see you back. My advice it is to make appts with 3-4 BK attorneys for free consultations. And again, I am going to give you the same advice that you also need to be in some type of intensive treatment for the gambling problem.

I don't think anyone here is going to be able to tell you what to do beyond that because even if you are able to fix your financial issues, once you have any extra money or access to extra money, the gambling problem will again rear its ugly head.

I do think that chapter 13 is a viable alternative for your situation. An attorney could give you advice on what to do about the one that have so much equity. There is nothing wrong with BK planning so an attorney can offer ways to turn that money around and use it for necessities or turn it into exempt money based on the laws in your state.

Hopefully others can chime in with some add'l advice. Hope you are well.

Cindy

[Westlane]

hmmm...i would recommend selling the car that has equity in it. buy something cheaper. consolidate bills to single lower payment. downsize at home, you have a good credit score and i would protect that. you have lots of choices, bk is a last resort where you are out of choices. and of course, no more gambling.

good luck