Planning My BK - Have Questions

[frogger]

The mortgage is too much also. Honestly, I'd like to keep the house but it just too much especially with the repairs that are needed (water damage, rot, etc.). We're paying 2500/mo for the house.

-AA

You're thinking ahead and that's good. Now, start thinking with your head and not your heart. You're underwater on the house, it has damages, you're paying 2500/month.

I'm not that sentimental......

How about you?

[AlmostAmos]

I have been sinking for the past few years & am ready to do something about it in 2010. That is my New Years Resolution!

I was making significantly more than I am now, I had to reduce my time at work as my wife is having rather serious medical problems with a pregnancy. We have 2 children at home and a third on the way. I've been reading here for a while & am ready for some advice!

Here are my debts:
-80k on Credit Cards (current)
-100k in Student Loans (deferred but I'll need to start paying SOON)
-40k in Car Loans (current)
-440k Mortgage (current, house is worth 325k and needs 20k worth of repairs!)

Here is my income:
-3240 GROSS every two weeks. This is ~42k every 6 months.

Because of my wife's medical problems, I've had to start staying home a couple of days/week to take care of her & our children. Paying for this is not an option, obviously. My income up until last month was about 4800 gross every two weeks. This 62k every 6 months. This would put us above the 6 month maximum for CH 7 in our area (46k/6 months). Because I will not be able to back to work for some time (over 6 months for sure), I have been thinking about filing in 6 months from now as my income over the previous 6 months will be under this amount. I'm basing this on the numbers for a family of 5 (we're 4 currently but would have a 5th prior to filing). Am I correct in my thinking/planning?

We CAN'T afford the credit card payments and I'll probably stop paying them this month. The mortgage is too much also. Honestly, I'd like to keep the house but it just too much especially with the repairs that are needed (water damage, rot, etc.). We're paying 2500/mo for the house. I would like to keep both of our cars (they are worth exactly what we owe at this point) as we can't get by with just one (I work 90 miles from home).

I want to come out of this with both cars, my student loans and no other debt. My biggest worry at this point is housing. I don't know if I should look to move now or save $ during the spring since I plan to stop paying my CCs/Mortgage and find a rental before/after filing. Any planning tips/advice would be appreciated. Any glaring problems at this point?

-AA