Need some advice

[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 for filing for bankruptcy. I dont intend on keeping my house since its only worth 360k or so. What should I do? I had consultated 2 attornerys but that just left me more confused. If I walk away from the house and rent a apt, I can easily payoff 100k debt. If I do the math correctly, I will have to pay 1666 a month to pay back all the debt for 60 months. I also have to take care of my parents expenses back in India.
My question: If I rent, I can easily make 1666 a month, Is that all I have to pay every month or will they take away everything from me? coz I definately need extra cash to support my parents. Please reply..

[lrprn]

With an income of $6500/month, your annual income is $78,000 - definitely not under the state median no matter which state you live in if you are single and living alone.

Until you complete the Means Test and Schedules, it's hard to know how much disposable income you actually will show which is what determines your Ch 13 payment. It isn't determined by subtracting your income from your expenses.

One issue I see is that it's possible you won't be able to include your parents' support costs in your expenses since they don't live with you. You need expert legal advice to see how that might be handled by the local trustees in your bankruptcy district.

Best thing you can do is set up appointments for free or low-cost initial consultations with 3-4 experienced bankruptcy lawyers in your area. There's no obligation and you'll find out whether filing makes sense in your situation or not. Good luck - keep us posted about what you find out, ok?