Should we directory for bankrupcy? we were in college and made the mistake of buying a house

we were in college and made the mistake of buying a house too early. we are paying our mortgage and car payments and can't afford to income back much else.
we now own about 25k in delinquent credit cards. they are adjectives "charged off" at this point. we also have public and private student loans, some of which are on our credit report as "Claim filed near government for insured portion of balance lent."
we make enough money to receive by but too much to file chapter 11. what does a chargeoff or government claim close-fisted? will we ultimately have to pay hindmost any or all of these debts?
i expect that we'll have to retribution back student loans.
how will the repayment plan with chapter 7 be structured? my suspicion is that we'll end up with smaller number money at the end of each week than if we stuck it out and compensated everything back, and be stuck paying for 5 years.
any ideas?

Answers: First of adjectives, filiing for bankruptcy is a complicated process. The rules have also changed.
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
With constrained exceptions, people who plan to file for liquidation protection must get credit counseling from a government-approved organization in 180 days before they file. They also must complete a debtor schooling course to have their debts discharged.

Here is a link to a trellis site that will help you research your options. They are liquidation lawyers and the info is free.

http://www.moranlaw.net/siteguide.htm

Hope this answers your question.

You may try to google it,here has some direct resource that might be helpful. http://creditreport.online-helper.info/a...

I suggest you sell the house and down position if that's what's eating up most of your money. If your upside down on your house (cause of the economy) there are Realtors that can work beside the bank if your in financial distress (make sure you use someone that is to say approved by the government)

Once you sell your home it's unlikely anyone will place a judgment against you witch leaves you beside the student loans those will have to be paid. (of course you know that)

Try to avoid liquidation as it stays on your credit report for not less than 10 years and even after that you would face oodles problems building your credit, purchasing or taking a loan.

Instead I would suggest you to consult a debt consolidation company they would review your debts and talk with your creditors if that could be settled down and later provide you with an affordable debt management plan wherein you own to pay only one monthly installment.

You can drop by this company's website http://ezconsolidation.com they would help you planning your debts.

Hi,
I used "Credit Solution" to settle my debt and avoid bankruptcy.They manage to reduce my debt up to 58% .It's legitimate.I come across this company on NBC News Special Edition.Check it out here:
http://shrinkurl.us/vfq

You have a misunderstanding here. There are two types of BK's: Chapter 7 is the one that discharges most debt (not school loans, taxes or child support). If you brand name too much money you can't file.

Chapter 11 is the version where on earth you pay back most debt underneath a court-supervised repayment schedule. Your income is NOT a factor here. Sell the house first of adjectives and rent something cheap until you can get this mess cleaned up. That will get rid of alot of this mess. Your student loans you will hold to pay for no matter which route you purloin, so just keep paying on those. Also, you may want to consider selling your cars and buying a couple 3,000 cars. They may be fantastic but it will get you out of this mess even faster. Just get yourself on a strict budget and I don`t know even take on some extra part time job. I do not suggest bankruptcy. I'm not sure how much you bring home a year, but bankruptcy honestly is not your answer here.
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