Oh, so you certainly don't have a net worth of $16,000.You have:Assets: 2 cars: $16,000 (I think that valuation is rather high for used cars, but I'll take your word for it). 2 401K accounts with a total of $71,000. Debts:$9,000 car loan$40,000 CC debtIf you count the retirement accts, then your net worth is $38,000.However, you should not consider the retirement accounts as money you can access now. The only assets you have to use to pay off your debt is the value of the cars. Since you need the cars for transportation, and it appears both you and your wife are working, you can't use those to pay off your debt, either.So, you need to look at your income and budget to pay off your debt.With $40k in credit card debt, it would appear that (barring a severe medical problem) you are used to living above your means.Depending on your income, $49k could be a LOT of debt, or it could be manageable with good budgeting. If your income is $40k/yr, you're probably in big trouble and I can understand why you're thinking bankruptcy. If your income is $100k/yr, you should be able to make a plan to pay this off.Ishtar
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