I can't make my mortgage anymore, should I shortsell if possible or go into chapter 7 bankruptcy? In SLC UT

I was planning on filing for chapter 7, but my realtor suggested a shortsell since my bank will accept short sells said that would be the better option and I can still file for bankruptcy later if the shortsell does not work. He said I can still stop making my mortgage payments. I don't know what to do. ... show more I was planning on filing for chapter 7, but my realtor suggested a shortsell since my bank will accept short sells said that would be the better option and I can still file for bankruptcy later if the shortsell does not work. He said I can still stop making my mortgage payments.

I don't know what to do. My realtor said that I will not owe anything at closing, but my bank let me know that if they do a short sell they may come after me for the difference, and I would rather go bankrupt than have that happen.

Also the lady who I was looking at filing bankruptcy with said that there was no difference between her and doing a short sell, only that the realtor would get a cut. I don't understand why she would say that because it seems like I would walk away breaking even with a short sell as long as i was gaurenteed no after collection, and a bankruptcy would ruin my credit for 7 years.

Please someone who is not as ignorent as me in the subject please give me some advice
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