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Should We Filest

 My husband and I are considering filing for bankruptcy. When we bought our home we were debt free but starting a business. We borrowed against our home to support our business and while our business is successful we now owe more on our home then it's worth. I wish that was our only issue, we also got hit with two years of huge tax bills. now we are paying taxes with credit cards and spending 2000 dollars a month on paying credit cards and taxes. Plus we have been paying the minimum payment (interest only) on our home so it's getting worse every month. To make matters more stressful we just learned that despite prevention we are pregnant with our 3rd child. We are overwhelmed and don't know what to do, i am looking for any advice since we don't want to tell our family or friends. 

katiecoop81 katiecoop81 26-30 4 Responses Jul 21, 2009

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We also have gone under through starting into a new aspect of business. Had a terrible experience with US Bank that has done us in.

We also have gone under through starting into a new aspect of business. Had a terrible experience with US Bank that has done us in.

my advice would be find a Budget Adviser to find out exactly what your financial situation is and what your options and legal requirements are.<br />
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Just Stay Strong Support each other and keep your family unit together Really Thats The Most Important Thing!!!!! Material Things can be Replaced.<br />
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I am here if you need a friend x

If the business is successful could you not sell it? I'm no expert but It seems that you might lose it if you claim bankruptcy. So sell the business and keep your credit rating.