Borrowing / Credit impact of a short sale

[Joel Fraser]

I cannot sell my home for what it is worth, though I am trying. I also do not have enough income to pay for all of my bills. I have also accumulated significant credit card debt ($56k) and have 85% of those balances at 3.99 or lower, forever interest rates, and just making minimums. The most recent impact is that my wife has been unable to work (shoulder injury) for a few months. We have a child and want to live in a home, so we don't want to jeopardize our next steps. That said, I am beginning the process to work with my mortgage lenders to get a loan modification, and cc companies on an affordable repayment plan. My questions:1. What is the impact of my ability to purchase a home if I sell mine as a short sale? I read up that it's 2 - 4 years, and others that say it could be less or could be more...2. In the event of the worse, what is going to be more damaging:Not paying my CC Not paying my mortgage (which I am also reading is the vehicle to get your lenders to respond) Short Sale Foreclosure Finally, is bankruptcy another option? I also see and hear all kinds of sites to help with credit card debt relieve / elimination / etc.... Unfortunately, I don't have the time to learn all of the options / rules / laws, and am wondering who is reputable out there to pay to help me on my way to solving my problem. We definitely want to unload our house, but want to know what that means if we have to short sale it or foreclose. Thank you for any overall assistance / advice!