Which is worse for our credit?
Our 20 yr old business has taken a severe dive (are we surprised w/this economy?). Our home is for sale. Have used all savings, cashed in life ins. Policies, credit cards are maxed out - all in hopes business would/could get better. It hasn't & time is quickly running out.
We are thinking we must start life all over again w/just our dog & 2 cats. Fortunately, we have no children! For all these years, we have run a very successful textil business - but we've gotten beaten. I've diligently looked for jobs (to no avail) while hubby still does any business that is left.

Welcome to AMHD. Chapter 7 is a relief to many folks who, for a long time, 'beat themselves up' with guilt and remorse, unfounded, in my view. Do some reading and talk to a couple of lawyers about the procedure and fees. Check this: Chapter 7 - Bankruptcy Basics (http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter7.html)