It sounds as if you may want to at least set up an appointment
with a bankruptcy attorney.

The biggest benefits to bankruptcy in your case are:

1. Preventing creditors from contacting/suing you for old debts
(including the 2nd mortgage); and

2. Letting you "draw a line" across your credit, allowing you to
begin rebuilding your scores.

--
Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************


"gsfmkcd" <gsfmkcd@yahoo.com> wrote in message
news:59b205cc.0308200710.71493841@posting.google.c om... What are PROS CONS of bankruptcy? 1. My home has already been foreclosed. We let the home go
without filing bankruptcy because we were severely upside down equity
wise. Even if we were able to keep it, it would have taken forever to
pay off second mortgage back to positive equity. We couldnt even
sell the house because we couldnt pay off second mortgage if we did. We
let the house go, we are renting now. 2. The second mortgage received nothing from the foreclosure. I
assume one day they will sue me for the $75,000 I owed them before the foreclosure. How does that work? 3. We have $60,000 credit card debt. Almost all of which has
been charged-off by original creditor. We receive letters and phone
calls from collection agencies. We throw the letters away and with
caller-id do not answer their calls. 4. Our credit score is probably a 1. With the charge-offs and
the foreclosure, I am assuming that my credit score could not
possibly get worse by claiming bankruptcy. After reading many posts on this
board I am led to believe that my score would actually be better if I
filed for bankruptcy. Could this be true? Since the foreclosure we have gotten our finances straightened
out. We are able to pay our rent payment since we do not have that huge
second mortgage payment. Our car payments have been current for six
months. We have not made a purchase on a credit card for two years. We
live on cash only. We would like to rebuild our credit. Can a
bankruptcy be used to help clean up a credit score? Thanks