Head spinning and dont know what to do!

[proatvracer47]

Please Help...

Ok, I have got our family into some serious finicial trouble the past couple of years. I have been unemployed since about August and work part time once and a while. The wife started her own graphics design business last year and has been keeping us afloat for sometime now. We have two amazing kids, ages 4 and 7. We have been in our new house for almost 2 1/2 years.There is negative equatity in the house since we have not been in it that long. We have around $100K in unsecured credit card debt. I have spoken to a credit counsler and he is suggesting credit card consolatidation, but i dont think we can swing the payment on that as well as the house. I know we can afford the house if we do a chapter 7. I am so lost and confused. Wife is worried that if file BK that ot will somehow imact and loose her business. We dont hav many assets, except a small 401k for about 15K. Our income is very small too. We reside in North Carolina. How do we go about finding a good BK Attorney? Wifes main concern is being able to get a creditcard for her business to use. Heads are soo spinning and the collections people are driving me nuts. I wonder if we will even qualify for Chapter 7. Thanks to all who respnond. Ive never felt like such a failure in my entire life.

[emoney]

You have a lot of goals and maybe without a plan. First is food, shelter, transportation and prehaps last are your credit cards.
Are you sure you can afford the house? A call to the Dave Ramsey's radio show on Monday would be a good start in helping you set up a plan and develop a budget.
With focus and a workable plan you can get out of this mess.
With some cash in your wife's business there will be the need for a credit card execpt for personal convenience.
I hope this is some help.
regards,
emoney

[keepmine]

With a limited income and 6 figure cc debt, you are a good candidate for a Chapter 7.
Your wife's business will very likely be an asset . Your best bet is to start speaking with bk lawyers and lay out all the facts. I'd not keep something with a negative equity. Bk is about a fresh start. Don't encumber it with something that is depreciating.
You really need to get yourself back to work. Bk will fix nothing if you can't support yourself post bk.

[proatvracer47]

My Bad...we do have some equity in our house..(about 10K)... Sorry...I was nervous posting.

[ilovemycaitybug]

Definitely speak with an attorney. I understand you must be extremely nervous. Best of luck to you! We all deserve a fresh start in life!

[Retired_Broke]

Your situation with 2 small kids, makes mine seem silly. You definitely deserve a fresh start. When everything seems the darkest, just hang onto those children, and realise that this too shall pass.
Good luck.