Legal Advice

QShould I file bankruptcy?

Wow, how to condense this mess!

Here goes:

We're going to (decision made, no turning back) foreclose on our house.

We do have an equity line that was paid (insured by UGI/AIG, so the paperwork is probably in the works as I type this for them to "come after us" (lawsuit).

We are basically judgement proof because we have nothing but our clothes and some furniture.

The only other debts we have are one credit card in default and a whopping student loan of $97,000 (that is NOT dischargeable in bankruptcy).

So, I'm asking if for a foreclosure, equity line, and credit card ONLY, is it worth the money and hassle it takes to go through bankruptcy? The student loan is current and until the house we had 800's credit scores. We're understanding that the bankruptcy will allow us to clean things up sooner.

If we don't file bankruptcy, in our state "they" have up to five years to file suits and/or try to obtain judgement liens. After that we're in the clear...




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