Q. Can we refinance our home or should we declare bankruptcy? With all of our bills, we owe $143,000. We are paying out $2,500 a month, but we only bring in about $2,200. Our credit scores are 502 and 532.

A. With credit scores in the low 500s, you won't be able to refinance.

Bankruptcy may be an option, but first we urge you to seek immediate help from a reputable credit counselor through the National Foundation for Credit Counseling, the nation's biggest and oldest credit-counseling organization. Its 120 member agencies abide by a set of professional and ethical standards that have served many individuals and families well over the past 50 years.

A credit counselor may be able to get your creditors to voluntarily write off part of your debt and accept a repayment plan that lowers your monthly expenses enough so that you can afford your home. A counselor also can ask your mortgage lender to restructure your loan to lower the payments.

After taking a close look at your finances, an NFCC counselor will know whether it's possible to cut your expenses enough to live within your income and save your home.

The fees will be modest and it's easy to find an NFCC member in your area by using the ZIP code search. Click on individual agencies to find everything from costs to office hours.

If a credit counselor can't negotiate a solution, turning to a bankruptcy attorney is the next step.

While bankruptcy judges can't force mortgage lenders to restructure your home loan, they can make other creditors write off all or part of your other debt, allowing you to spend a greater portion of your income on your mortgage. Here's where to learn more about whether bankruptcy can save your home from foreclosure.

You might also consider ways to cut your expenses or add to your income. We have dozens of tips on how to cope with rising mortgage payments.

Bankruptcy is a scary proposition and it will show up on your credit report for seven to 10 years. But you've got to fix your financial crisis first, then worry about rebuilding your credit scores.