foreclosure vs. Bk

[CarolDrew]

my husband and i are not able to afford our house anymore due to dramatic income decrease and new financial obligations: his child support, newborn child, etc.
he has several foreclosures in his credit (used to be investor) and unsecured outstanding debt. Well qualified for chptr 7. this is all issues prior to our recent marriage.
we are losing our current home, but i am the only one on mortgage and title. this is the only issue with me since i only owe $7k in credit and my car lease expires next month. he went to see an atty and he was told i have to file too or creditors will go after both of us for my deficiency after his discharge since we are in a community state. I was hoping to just foreclose or short-sell but I didn't know about the deficiency. it probably will be $100k or more. both loans with hsbc.
I feel bad filing BK just for his stuff and the foreclosure. I am very afraid it might affect my career, application for rent, insurance etc. I am also afraid to be left w/o credit cards in case of an emergency. I have aprox 30K available in credit which i understand will be closed as part of the bk discharge.
could somebody advise on these concerns? I really appreciate it.

[BassBoy]

If you allow the home go into foreclosure, which is what most of us would recommend if you're filing BK, any deficency will be wiped out with the BK. Not to mention, if you allow the home just to go into foreclosure, you can usually stay in the house longer..........and for free. Additionally, it is usually better to file your BK before any foreclosure proceedings begin.

Renting after a BK and foreclosure can be pain staking. It all depends the criteria set by a porperty management company or landlords. You will probably find a few places that will rent to you, but be prepared for the possibility of paying a larger security deposit or a few months rent up front. And who knows, you may even find a place that doesn't require so much up front. In my expereince, working with private homeowners in search of tennants was much easier. Anyways, call around to local apratment complexes and such and ask what the requirements are for someone in your situation.

Obtaining credit after BK is not that difficult, however you won't possess the kind of available credit you have today. What's most important is to be able to live without credit for a while after your BK. If you MUST depend on credit cards to live, then the BK was all in vain.

[CarolDrew]

bassboy: is is true that even you zero balance cards go with the bk?
and do u know how employers in the finance industry look at you if there's bk on credit? is it worth to have bk or foreclosure?
thanks a lot for ur reply

[BassBoy]

I can't comment on applying for employment in any financial industry because I am not in the financial industry. Hopefully, others that may share you're situation will chime in.

Your $0 balance cards will need to be listed on your BK petition, but technically, you're not discharging a debt with them, but as you realized in your original post, the cards may be closed once the creditor(s) get notified of your BK filing.

[spell]

You'll find that most creditors subscribe to BK reporting databases and all of your credit will be cancelled soon after filing.
Most companies, especially $0 balance, will probably be happy to reopen your accounts. If not, plenty more will open new accounts.

There are two reasons jobs would be interested in your credit.
Money Management: if you are making financial decisions for a company, many will use your personal credit to infer your ability to make corporate decisions..... these guys won't like seeing a BK.
Risk Based: more common, employers are worried that employees that handle money will steal it to make up for gaps in their personal finances. For this concern, your BK marked the end of the risk. You no longer owe anybody anything. You're a much lower risk after bankrupcy than before.