<prompt> Human: Im going to give as much information as I can, but the gist is that at a point where bankruptcy has become an option. At least I think so. Heres the state of my financial life:---LIABILITIESCredit Card Debt: 55,000 All cards are closedin collectionsMortgage: 129,000 21,000 behind on mortgage payments Not in foreclosure status yet, but appear imminent unless I catch up Home value estimate at 299,000Home Equity Loan: 92,000Car Loan: 6,000 KBB value 15,000-17,000Car Lease: 5,000 remaining on agreementMisc Business Debt: 8,000, personally guaranteedMisc Medical Debt: 2,000 in collectionsTaxes: 18,000---EMPLOYMENT STATUS: myself and my wife are both unemployed The reason for this situation is my 11 year old company failed about 8 months ago. We were both employed by the company The nature of our company, the skills I have, make truly gainful employment in that realm nearly impossible I am presently reforming a business that was successful 12 years ago before this failed one. I am bootstrapping it, and like any startup, it just takes time to grow.---ASSETS We owned the property where our business was located. It took until three weeks ago to sell it. Net after sale: 72,000 this is all the money we have in the world - its what we are living on at the moment.---PEOPLE ADVISORSBankruptcy Attorney: I met with a reputable bankruptcy attorney. He laid out a smooth sounding plan, said our case would be straightforward. Cost is between 2,500 - 5,000. Result: all debt erased, may or may not be able to keep our home, major black mark on credit report though our credit isnt all that great right nowAccountant: Thinks we may be able to avoid filing bankruptcy. Negotiate with as many creditors as possible, indicating that bankruptcy is the alternative. Continue to build my business and attempt to revise mortgage with mortgage company.FriendsFamily: Not much other than we shouldnt do it because bankruptcy is impossible to recover from etc etc.---I dont really know what to do. If I dont file for bankruptcy, and use the cash to reinstate mortgage, a lot rests on my companys success. If it doesnt grow fast enough, I could still be unable to make mortgage payments -- lose the house even after dumping my only savings back into reinstating the mortgage. If I file for bankruptcy, I will lose the leased car, possible have to sell my other vehicle. I will have to make a decision on the house: keep it, sell it, or just walk awayAny advice or ideas, fellow redditors?  <response>: First, Im curious what your business was, and why you are so sure that the skills involved wont translate to something else. Second, Im not expert on bankruptcy, but from what I can see, you definitely should not file bankruptcy. You are not insolvent. You have a net worth considerably greater than zero. Based on what youve written here, I count total assets of 386k, and total liabilities of 315k. In my opinion, I would sell the house. You apparently have 78k in equity. This is money you would simply lose if you let the house go to foreclosure, or if you walk away. Dont lose this. Sell the house.Establish payment plans with the rest of your creditors, including negotiating down the amounts required to settle.Finally, live like paupers while you are trying to rebuild this new old business. Pretend like youre college students. Move into a tiny apartment, and minimize your expenses to the bone. I dont know the industry your businesses are in, but if you believe you can find reasonable success in this new business, then go for it.Otherwise, both you and your wife should move into another line of business. I understand the entrepreneurial spirit, but perhaps it might be time to get a W2 job and work for the man, because that will at least pay the bills. 