Need advice.. Please help

[syk]

I lost a lot of money in stocks and a result of that, I owe 100k in unsecured debts. My 1st mortgage 332k, second 100k. I make 6500$ (after taxes) a month. My total mortgage 3800 a month. I am not sure what to do. I am planning to filing for bankruptcy. I dont intend on keeping my house since its only worth 320k or so. I just got an offer on my house today for 320k - all the fees. Is it better to do a short sale and file for bankruptcy chp 13 or do a short sale and try to do a debt settlement?
Please advice.. I need help..

[stephanie4686]

To be honest a short sale and a foreclosure look almost the same on your credit. I guess it really depends how much you want to keep your house. You could definitely downgrade and then do a debt settlement but it depends on your family.

[dp1969]

To be honest a short sale and a foreclosure look almost the same on your credit. I guess it really depends how much you want to keep your house. You could definitely downgrade and then do a debt settlement but it depends on your family.

I agree with Stephanie. We were only offered 6 months for a short sale and have 5 foreclosures on our street alone. That alone told us we would have to surrender it. We owe $423 on the 1st, $200k on the HELOC and the house is only worth around $580k. Our payments were over what we made.

[syk]

I dont want to keep my house.. At this point, I am confused. I dont know if I should file for chapter 13 or wait for the bank to accept the short sale offer.. I am just too nervous.. thinking about affects of bk.. If the bank accepts the offer, I can try doing debt settlement without filing for bk and save my credit to some extent..