I'm considering of filing chapter 13 Bankruptcy with 2nd lien strip in CA. Got 1st mortgage of $700k, 2nd morgage of $140k and credit card debts totalling $54k. House is totally underwater which values only around $400k-$450k(max). Will having a huge credit card debts like this($54k) an advantage in order for my case to be confirmed quickly by the court and the motion for 2nd lien strip approved? The reason is, I thought of settling my credit card debts prior filing chapter 13(plus 2nd lien strip) since I don't really wanted to do the 3-yr or 5-yr repayment plant thru chapter 13 BK. Total family gross income is $7600 per month.
Please help clarify CA attorneys and I highly appreciate your usual support!