My husband and I owe apprx $40,000 in debt between credit cards, student loans (already deffered), Suppliers, medical bills, and misc. Most of this debt was amassed for our business we closed but we personally garunteed them. Because of lack of income we were unable to pay on them for the last 6-8 months. We also had a bankruptcy on 2004 and are not eligable to do it again. We do own a house (which we have never been late on) but because of our bad credit we aren't eligable to refinance at decent rates less than 10% and noone is willing to sit second on the mortgage.