Need advise please

[goingpoor]

[BassBoy]

I had a similar situation as you as far as the house is concerned. I owed more than the house was really worth......high appraisal by what I call a predetory lender, so I let the house go to foreclosure and discharged the mortgage in a Ch.7. Also the ARM killed me as well.

Do you have any CC debt, auto loan or personal loans, and if so, how much? This may help us advise which chapter you could file, if you need to file at all.

You can also set up some consults with 3 or 4 attorneys in your area. The consults are usually free and it will give a lot of information and insight and can really help you in making the right decision.

[goingpoor]

[emoney]

From what I see in the former "hot" real estate markets, one conslation is that you will have lot of company. I have a friend from high school days who is a small home builder. He said that over half of his sales are to people who cannot afford his homes. To make a sale last week he over-stated the sales price so the buyer could get a 80% LTV loan. Besides fraud I am not sure what else he may involve with.
Having been there myself, the most important think I can offer is analyse your mistakes and do not make them again. As to child support with you having the kids 40% of the time prehaps your support payments can be reduced. And nother thing to consider is a second job to boost income.
I hope this helps.
emoney