I am filing for bankruptcy and have negative equity in my home.

OK heres the deal… I have bad credit however i have my own house all paid for, nothing owed. I need a new car since mine decided to freakin blow up! I tried with Bank of America to get a home equity line of $25,000… which was the min, and they denied me because of my credit. I HAVE COLLATERIAL! Anyone know where else i should apply? or am I just basically screwed? You would thing that my house is all paid for that someone would give me a home equity loan…I am trying to avoid going to a car dealership to finance due to the interest rates…Thanks for all your help! any suggestions are also welcome

Please don’t answer if you’re going to tell me getting another loan will only make things worse or that I shouldn’t do that. I know I need to be more careful with my money but I think I need to pay off some things before I get everything taken away. PLEASE HELP ME.
And my job pays me enough to make a certain payment…I just want ONE PAYMENT.

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If the line of credit was used (and is solely being used) toward the purchase of my house, can the interest I pay on it be claimed on my taxes like mortgage interest?
Is this considered Investment Interest Expense?

My son came into a sum money he has never delt with banking etc spent all his capital bought a home started a buissness and bought two cars.After two years of taxes and starting a buiss my son became in need of some cash to pay bills taxes etc.He went to castlepoint I’ve learned was the worse.They said he had no credit history yet and he needed a cosigner to get a equity loan.I agreed to run my scores and they are bad but just enough to get the loan but I’d have to put my name on his deed they tricked me and now I completly own my sons home and loan.Also castlepoint was told I’m on ssi disability 600 a month and no income incase my sons bizz failed I need low payments and I need small payments they said I’d pay hi rate for 1 year 550 a month so I agreed.then they sold me and sold me again and i cant get a lower payment or refi not for cashout but for small payments now.because bizz not doing well and am behind in everything only income ssi my scores are bad NO ONE WILL REFI ME HELP

I have bad credit from a divorce and a bad spell of finances, i don’t want to declare bankrupcy, I have heard bad things about credit consolidation firms ,I want to get my score back to prefect but don’t know where to begin.Help!

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By using the HELOC, it’s going to free up several hundred dollars per month, and I can claim it as a tax deduction at the end of the year. On the other side, I’m eating up a sizable amount of home equity by doing so. I’m planning to pay them off either way–I can do it now with the HELOC, or after I sell my house, with the cashed in equity. Which route should I go? Does it make a difference?

BadGirl has an idea. What if I dump all of my student loans into a refinance and/or home equity (on property I own, but need to unload), and then I decide to bail on that property. It will take me a good 20 years to pay off my large student loan, but how long will it take to recoup my credit rating if I do this? BadGirl thinks it will take longer to pay off the student loan, than rebuild a bad credit rating (and get rid of the student loan debt for good).
Comments/suggestions?
BadGirl was not considering a bankruptcy, just giving the property back to the lender and dealing with the rest. You are right about the fact that I should be smarter, but I actually make about $40K less than I did before I became a teacher, and have more college debt because of it. I was thinking about refinancing with the same shitty company that talked me into the interest only rate to begin with-I thought maybe I could give them some of their “interest” back.