[chickscleo]

My husband (60) and I (47) have no choice but to file bankruptcy. We had a plan but within the last few years, given the housing market we have gone into considerable debt. We are also now upside down on our home a lot! We don't know if we will eventually lose this home barely scraping by as it is.My question is: Would we be better off to let the bank go ahead and foreclose as they are threatening, then file bankruptcy just in case we end up owing some on the house, or can we file bankruptcy again if that happens? Also, at my husbands age, he thinks we should just let it go back to the bank and rent? I love our home and don't want to move but I wonder if we will have to struggle for the rest of our lives if we don't.Please no judgment. We owned three properties, our original home, a 6 unit rental building and the house we live in now that we purchased in the spring of 2005, gutted and remodeled. We listed our original home in 2006 right when the economy took a turn for the worse. We ended up selling that house and the rental unit for far less because they were going to be foreclosed on. We made enough to pay back taxes is all. The plan was that the profits would pay down the mortgage on the home we live in. Now we can't afford the payments and are upside down. We did not spend on foolish things, our debt is from trying to pay for two homes and a building that was not bringing in enough to cover all the expenses as it once had.