As a background, here's my situation: I have about $45K in credit card debt, one lease vehicle of payments of $345/month with 2 years left (and will probably go over mileage limit), and another vehicle I bought with payments of $377/month (with a $5K negative equity). I own a house with a payment of $1731/month (with negative equity). Both attorneys gave this same advice - and they did not know I talked with another attorney: File chapter 7, walk away from the cars and house and stick it to the credit card companies. Now, because I'm current on the cars and house, I have time on my side. And with the automatic stay, the banks cannot immediately take these assets. As for the cars, the banks have to petition the court to lift the stay AFTER the creditors meeting. One attorney said she can postpone this meeting for 8 - 10 weeks. Then, the banks have to petition the court to lift the stay, which will take at least another month. Then, they have to call my attorney to get the approval to reposses the vehicles. Four months have now passed. In the meantime, I saving the money that I would normally go to the car payments. So, in my case, this is ($345 + $377)*4 = $2,756 that I save. As for the house, I can live in the house without making payments for 12 - 18 months before I get kicked out. So, if it takes 12 months for the bank to finally force me out of the house, the money I save is $1731*12 = $20772. All I have to do is make sure that the house is insured. But, since that was paid in July for the upcoming year, I'm covered. The property taxex are paid before the bank gets any money from the sherrif's sale since taxes are priority debt. Now, follow me here. Once the cars are repossessed, I will have $9,812 saved which is (345+377+1731)*4. I can buy a car for cash which will get me back and forth to work. Then, when I get kicked out of the house, I will have enough money saved to prepay rent for a year assuming that I rent a house for $1000/month. Once, two years have passed after the discharge, I can apply for another mortgage - and will have more than enough of money saved for a 20% or 30% down payment. As for any defiencies that may accrue from the repossessions of the cars and foreclosure of the house, it will not be reported to the credit bureau since they were included in the bankruptcy. Also, the banks cannot come after me for these defiencies. So, what do you smart people think? Is this the way to go?