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My husband and I have aquired a lot of debt. We have a house that is worth about 140,000 and owe 107,000. We have a line of credit and credit cards worth 15,000. We have a consolidation loan for 60,000. My husband just lost his job 6 weeks ago and has not received a check or a job. I make 1500 a month. To make it worse I got a letter from the government saying that I was overpayed on maternity leave. They say I owe 7,600.00 dollars. I do not know what to do. I have 2 children. I have a 1995 Honda Civic, and 1991 Daytona, all paid for. What would I lose if I claimed bankruptcy? How does this work? What happens to all the money I owe on loans?
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