Thanks so much for your expedient response. While insightful... I still have some questions and there has been a slight change so I last communicated with you.
Ok... so slight change occured.
This past Friday I was able to secure a newer car... nothing special ... 07 civic (price was $10,800 but after all payments are made - assuming I didn't refi in a year - I'll pay close to double that because of my poor poor credit)...
1) So assuming I file for Chpt 7... would I be able to keep the car and continue making payments to help assist in the rebuilding process or would I have to turn it in?
2) You mentioned that TYPICALLY... a chapter 7 debtor could re-establish credit sufficient to obtain a home loan within 2 years. Would that be at an APR similar to the car mentioned above? Would that be through any lender, or just FHA, etc? Can you please elaborate here?
3) Assuming I were to file chpt 7 tomorrow, what could I do to begin the rebuilding process in the most expedient manner?
4) I've been told that the bankruptcy would stay on my credit report for 10 years... what other drawbacks would I face with this course of action?
5) In your professional opinion, would I be better off doing a consumer credit counseling group style plan?
6) One of the items on my credit report is a $7k debt left over from a repossession on the first car I ever bought... I had a cosigner... would this affect the cosigner - what can I or should I do about this?
All in all... I really think the Chpt 7 would be helpful... but for some reason something in my gut says it wouldn't be as cut and dry... perhaps there would be hidden surprises...
I know this is not legal advice... I am just trying to put together as much information as possible so I make the most informed decision possible.
Thoughts, direction, guidance, links, etc are all appreciated.