Legal Question in Bankruptcy in Arizona

is foreclosure/bankruptcy the best option?

I purchased a home as a sole buyer in 2004. My job moved 60 miles away. Because I was engaged, my fiance and I decided we'd move closer to my job. By the time we bought the other house jointly in 2007, it was just becoming difficult to sell the other house and ended up having to rent it. On top of that, one year ago I was laid off for 4 months and racked up some credit cards to make ends meet. I now have a decent job but we are still playing catch up on bills. As the house market fell, it is now worth 50% of what I bought it. Our new house also is 50% of what we originally purchased it for. As of today, we can not even rent the home for any more then @60% of our mortgage payment. It has become a money pit. While we are torn with taking responsibility for our decisions, we are wondering if there is a point to which we just need to cut our losses and move on? Do I continue to be financially and mentally strained trying to keep the house or do I consider foreclosure/bankruptcy? If bankruptcy, since my fianc� does not need to file, can I keep the second house out of it? And other then damaging my credit, are there any other consequences I am not aware of? Do I have any other options?

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