If you're going to go through a BK, and only if you're 100% certain: then stop paying on your debts (assuming you haven't). Might as well get the 7 year clock ticking early.
You're boned on the student loans, but there is hope to get those wiped out. Go find a job @ usajobs.gov that includes student loan forgiveness.
If you do file BK, you just let the ex deal with the houses w/ the renters. They aren't your responsibility after a BK.
Also, I don't know what state you're in, but you probably need a better lawyer if he makes $125K and you're not getting a dime in the divorce. That's crap. A good lawyer will collect attorney's fees from your ex, too... so don't worry about that.
The only other thing you can do is start saving for a good BK lawyer. Depending on your state, it should run you around $1500 to do a CH7. Sure, you can file pro-se and save a lot of that, but would you change the brakes on your car and trust it to stop? (I know how to do brakes and won't change mine). Also, you could hire a paralegal or lousy firm to handle it for <$1000, but again, I wouldn't let the fry-chef at McDonald's cook my rib-eye if I wanted it perfect the first-time.
Cheers,
-SM
Starting Score: ~470 preBK(8/2010)
