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My husband and I are considering filing for bankruptcy. We had a house that fell way underwater and which was taking up too much of our income. We couldn't pay, and the bank foreclosed. That was in 2014. BUT, there was also a second lien on the property which is still just hanging out there. We have not been asked to pay it, but we still owe it, and unless we find a way to get rid of it, we will never know if or when they might come after us for it.

We also have about 20k in credit card debt and medical bills. (We also have student loan debt, but we've already negotiated an income contingent payment plan for that, so I doubt there's anything more to be done there.)

We haven't spoken with an attorney yet, and I'm sure we will need to, but in the meantime I thought I would see if I could get advice here. Do we file for bankruptcy and try to get rid of the second lien and our other debts, or do we take the risk that the bank won't come after us on the second lien, and negotiate, either on our own or with the help of credit counseling, repayment of credit card debt? We have had some hardship lately and have not been paying on our credit cards. They have closed the accounts. However, I am very confident that in a short time, we will be able to return to paying those debts, though we wouldn't be able to pay enough each month to stay ahead of what we're losing in the interest on those card. Our credit is already shot, obviously, so that is not as much of a concern for us now than it otherwise might be.

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