How do I determine my debts?

[clubmanager]

I have two houses that are going into foreclosure and the plan is to declare bankruptcy prior to foreclosure. I have read some things on the 'net that seem to indicate that this is the best method.

Anyway, how do I determine what my debt when the houses have not yet been sold by the bank and a final debt determined? We have no debt other than what is tied up in the houses and neither will sell anywhere close to what is owed resulting in around a $250K shortfall. The exact number is not known and there is no real scientific way to get to the $250K number; just a gut calculation.

thanks!

[JRScott]

Well if the bank already has them its to late to do so before foreclosure. Has an auction date been set?

If they have not foreclosed yet you would just list the loan balance owed on the properties.

You probably could do that even if they have. Its a good enough approx.

However since real estate etc is involved best to check with a lawyer in your local area who practices bk and see what they say.