My ex stopped paying our mortgage so our house (wh

My ex stopped paying our mortgage so our house (which I moved out of) is in foreclosure. It has killed my credit. He has also left me with about 40,000 in credit card debt and three kids to support. I can pay the debt off over time, but given that my credit is already in the tank with the foreclosure, should I just declare bankruptcy? I have a good job and good family support, but not having to pay the 40,000 will put me back on my feet much quicker. On the other hand, I want to repair my credit and move on as quickly as possible. I'll need to be able to rent a place in a year or two (living with family now).

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Your husband has left you in a terrible mess. You may pay off the unsecured debts through debt settlement. You can let the house get foreclosed but remember that you'll be liable for deficit balance. Stay with your family right now. The best bet is to file bankruptcy. 

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If you're unable to handle your debts, you can file bankruptcy and get rid of the debts and start off your life afresh. Your unsecured debts will be discharged and you won't be liable for paying any deficient amount resulting from the foreclosure of the property. Once you get a discharge, you can take steps to improve your credit scores.

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