File bankruptcy or Hold?

[mantastic86]

Starting 1995 Buick - stolen in 1995 ($500) lossLeased a car ($5,280) lossLeased a car ($17,485) lossHonda - stolen in 2005 ($6,200) lossEbay Fraud - ($2,500) lossBought Camry ($3,200) lossRepairs on Camry ($1,200) loss($36,725) LossStarting 2005 Bought Land in 2005 ($5000) Down PaymentLand payments as of January 2008 ($8,235) Bought condo in 2006 - closing costs ($7000) loss Interest-only payments for past two years totaling $16,800 as of January 2008 ($37,035) Loss on mortgage payments, down payment, and closing costsTotal Losses -($73,760)I consider the mortgage payments, interest, closing costs, and down payments all lossesbecause land and condo have not increased in value over time. I bought land in 2005 for$38,000---3 years later its now worth only $36,000. I bought condo in 2006 for 100k---2years later its now worth only $90k. Should I hold for long term or file bankruptcy? If I keepmaking these mortgage payments and real estate market doesn’t turn around I am justcontinuning to feed a “negative cash cow.” I have zero equity, negative cash flow, and debt.However if market turns around(whenever that will be) maybe the land will be worth somethingsomeday. I can make the payments but it is very hard. I feel like the only option I have is tosell(take more losses) or file bankruptcy or hold and wait?

[Ivanhoe Fats]

well for a start you should spend a little cash getting insurance for your carsim also guessing you bought the land and condo as investments - so you dont live in them - in which case you are ignoring the tax offset and the possibility of rental incomeanyway - hang in thereno point in taking a loss until you need the cash for a better investment - which with your luck you should consider very carefully before committing