What you need is budgeting to increase income and/or to reduce expenses.
If we constantly and continuously live beyond our mean, the debt problem will not be resolved even if we file for bankruptcy.
In this situation, we should not borrow against the house any more because you will eventually loose the house. Even if your negative flow per month is like 600, in one year, it is 7,200 negative. Sometimes just the property tax can drag one's spending situation down.
In the budget, consider to even cut food expenses, to cut every spending as in emergency as soon as possible.
Depending on your age, the plan can be different. For some reason, there has been some crisis in your life to have changed your financial situation. First, you were able to purchase the house, now, you can hardly keep the house.
Some dramatic action would include to sell the condo and reduce your living expenses. Then, hold on to the money and try to increase your job income. Ownership and upkeep a property is high cost. Consider to rent. You need to be able to live within the 24,000 minus income and payroll taxes. That is, you need to be able to live within your final take home pay and not just the gross income.
The best debt management in your situation is no more debt. As far as we can see from now, you cannot pay back the debt. That is the problem. Even if you have no tax, no living expenses, you work for two years straight, you still cannot pay back 47,000.
The next steps need some serious planning. You may want to rent out part of your condo to reduce your expenses. Of course, there are so many unexpected consequences with a live in roommate, which may make the alternative unappealing.
Depending on your line of work and roots in the area, [Connecticut is a very expensive state to live], consider relocate to other parts of the country and other states with lower property tax, no state income tax, relatively low living standard, and relative good in employment. Fortunately, you have some equity in your house to possibly make such move.
Please feel free to follow up.
Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP