QUESTION ABOUT POSSIBLE BANKRUPTCY?

The first thing you need to know is bankruptcy is a law, not a choice. You have to qualify for bankruptcy and there are rules whether you have an attorney or not. Only an attorney and/or trustee can tell you if you can keep your home or not. Just because you chose to retire at 62 doesn't mean that is your best option. The longer you work the more you get from SSI when you do retire. You've still got some working years left, young man. You can work part-time even with your "early" retirement but only to earn a certain amount. Over that and the government takes away $1 from every $2 that you earn. Be very wary of that. Is your wife on SSI disability or collecting??? Does she qualify? Have you looked into that? You mentioned daughter and 3 grandchildren implying they are dependants... are they? What bills would you discharge in bankruptcy and is it worth it? If you don't qualify for a Chapter 7 you'll be a Chapter 13 (repayment plan). If you have to repay anyway, what's the point? Consider a chat with a genuine service like Consumer Credit Counseling. The problem with your debt was getting there by wanting. It's time to realize the difference between wants and needs. Your home equity will determine if you keep your home. You did not mention a car either. That's an et if there's equity in it and a liability if there's no equity. You have options whether you choose to see them or not. I highly recommend taking the advice of a bankruptcy attorney in your state not from a bunch of Yahoos like us. If you truly focus on getting out of debt over the next few years you will be able to manage on your SSI income. Suze Orman says, "people first, then money, then things" and Dave Ramsey says to "live like noone else so later you can live like noone else." Check out their books and tv shows. Bankruptcy is not always the answer.