Great points Kathryn ... there are so many more options than the potentially lose-lose one the OP is suggesting.
Can you rent out the property and move in with your daughter for 6 months to get back on your feet?
Taking in boarders (as suggested) for the spare rooms - include dinner/breakfast/utilities (not phone) and charge $200/wk/room.
What is the option of going back to work for both yourself and your wife - partime - babysitting/home childcare - anything and everything?
These need only be short term solutions to get you back on your feet, so it's not like your going to be bogged down with boarders or sharing with your daughter etc forever more.
Firstmost - talk to your lenders (credit card and mortgage). Surprisingly enough they are usually lenient and accomodating. They would much rather get their money back - albeit slower or with less return - than get nothing back with a bankruptcy.
Can you rent out the property and move in with your daughter for 6 months to get back on your feet?
Taking in boarders (as suggested) for the spare rooms - include dinner/breakfast/utilities (not phone) and charge $200/wk/room.
What is the option of going back to work for both yourself and your wife - partime - babysitting/home childcare - anything and everything?
These need only be short term solutions to get you back on your feet, so it's not like your going to be bogged down with boarders or sharing with your daughter etc forever more.
Firstmost - talk to your lenders (credit card and mortgage). Surprisingly enough they are usually lenient and accomodating. They would much rather get their money back - albeit slower or with less return - than get nothing back with a bankruptcy.