I know you have a tough situation. The miami beach condo market has been hit hard. I am not sure if your deelopment is mostly vacant like some I have heard. The real question is why you are looking to file bankrupcty. Make sure you get good advice when making the decision to file bankuptcy or other options available. I am not an attorney and you should talk to an attorney. However, my opinion is, a chapter bankruptcy 13, requires you to repay and thus income is needed to be approved for a chapter 13. A chapter 7 bankruptcy would discharge the debt but would be on your credit for 7-10 years and there would be a foreclosure too.
I would recomend try two things at the same time. First , try hard to get a new job so you have some income. You are going to have to do this any way. You may also look at getting room mates to assist in with the mortgage payment. The mod programs have changed and should be considered again if you get a job. Look at makingaffordablehomes.com to see if you could potentially qualify for a mod now. It will depend on the investor of your loan and bank servicing your loan. Having a job will allow you to review banktructy options to if your attorney suggests that.
The other thing I would do is investigate a possible short sale with a realtor in your area that has experience do short sales. Also check the credit score issues tied to bankruptcy, foreclosure and short sale. Look up fannie mae underwriting quidelines on the internet to give you a better understanding of potential credit issues.
Before paying anyone for help make sure you understand what you are getting. I have a customer that paid $2000 for mod assistance and did not get what was needed or expected. That customer has now come to me for assistance.
Wish you the best!
First Weber Group Realtor
CDPE and Home Retension Specialist