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    Default What to Do: Debt Settlement or Bankruptcy

    My question involves bankruptcy in the state of: FLORIDA

    I have $4K on one credit card and $17K on another. On the $17K one, I had a limit of $30K but the card company recently reduced it to $18K, so now it looks like I am almost maxed out. I pay both cards on time every month and pay more than the minimum. These cards are in my name and my husband does not know I have balances on them. I guess I thought I could get them paid off and its just gotten worse. I use them as business cards for my eBay business and I am a Realtor also so some of my real estate expenses have been going on that card.

    We also have a joint card with a balance of $13K that he is aware of. I have decided that since I can't sleep at night and have to take Xanax like candy to live day to day due to the anxiety I now have, I have to tell him. He has a job making about $37K a year plus bonuses for a total closer to $50K a year - he brings home maybe $2500-$3500 a month depending on bonuses. As I said, I am a Realtor, and well, you know about how good the real estate market is. I do it full-time, I stupidly quit my old full-time job back in April because I had a couple good sales in a row and thought I could make a go of it if I really commited full time. I make about $1000 a month outside of real estate from eBay and other small commissions. Now I feel trapped. I have to tell him that I have lied because I didn't want to upset him, which will just upset him more and I'm fearful he'll ask for a divorce and freak out. I'm so scared and I love him to death and would never do anything to hurt him intentionally, I kept this from him because I thought I could take care of it myself but apparently I can't. I keep living on the hope that I'll sell a big house and make a huge commission and be able to pay a large chunk down. It could happen but when is the question.

    We pay all our bills on time including a mortgage on a house that is now not worth what we owe on it. We both have great credit (or mine probably is not AS great now that I am almost max'd on that one card). I don't want to ruin his credit for my mistakes. We pay our bills but just barely and gas and groceries has been going on cards sometimes. I don't know what to do. If I get a full-time job and quit real estate I'll be destroying my dream. If I go part-time in real estate I won't be doing as good a job for my existing clients. I'd like to try to get another p/t job but I don't know where in this economy. Thought about bartending to make some quick cash but I've never even done it before so that would be tough.

    Am I best to file bankruptcy - and if so, what's the difference betw' Chap. 7 and 13? And if I do, will it affect my husband since we are both on our mortgage and on the one card? I thought about debt settlement but it seems that can make things worse. Or should I just suck it up and sell everything valuable I own and try to pay them down on my own?

    Thanks for listening.

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