Should I file bankruptcy?

Should I file bankruptcy?

I’ve pretty much come to the conclusion that there is NO way I’m ever going to get myself out of this hole that I’ve dug for myself. Well, some of it is just a matter of a bad choice to move to a state where the housing appreciation has gone down the toilet – but I guess it doesn’t matter HOW we got here. PLEASE, I am looking for some advice here. I am growing increasingly more and more depressed over this situation.

I try to make this simple but just laying out the numbers:

  • TOTAL DEBT: $258,000
  • MONTHLY NET INCOME: (after taxes): $3700
  • TOTAL MONTLY PAYMENTS: $3268

I OWE:

  • $46,000 in student loans that have been in deferrment for 6 years and keep building interest.
  • $196,000 on my home that is now only worth about $175,000 (Mortgage 1 = 185,000 and Mortgage 2 = 11,000)
  • $10,000 unsecured loan
  • $3,000 overdraft loan
  • $1,200 credit card
  • $300 credit card
  • 1,400 medical bills

MONTHLY PAYMENTS:

  • 1450 – Mortgage 1
  • 75 – Mortgage 2
  • 199 – HOA
  • 28 – Water
  • 96 – Electric
  • 92 – Cable
  • 93 – Car Ins
  • 60 – Cell
  • 305 – Unsecured Loan
  • 800 – Daycare
  • 25 – overdraft loan (high interest)
  • 25 – credit card (high interest)
  • 10 – credit card (high interest)
  • 10 – medical bills
  • 0 – Student Loans that continue to accrue interest

Can someone give me advice – I guess state the obvious here? And I don’t want the file Chapter 7 – I want to get rid of it so I can start SAVING money – I want to file Chapter 14. If I don’t get RID of the debt and start saving money, what happens when my car starts breaking down? Or I need a root canal? Or my son is in an accident that requires hospitalization?

Side note: I’m a single mom and I adopted my son – therefore, I don’t get child support.

Thoughts?