Unsure about my financial future...

I am in over my head in debt. I have been trying to analyze my financials for the past month trying to figure out how I can make it work. My business brings an ample amount of cash flow, but the problem is that I have so much debt. My credit card debt alone is almost $200,000. The minimum payments for my credit cards totals to about $3,000 per month. Adding to this is the negative cash flow on three rental properties I own, an additional $1,300 per month. So, my total is already at $4,300 and this does not even include my personal living expenses!

I did some research on debt counseling/consolidation, but it doesn't seem like the best move for me. These companies require that you stop making payments on your credit cards and instead make an affordable monthly payment to a trust account that they open for you. Once you reach a certain amount, they contact your credit card companies and negotiate a settlement for 60-70% of what your outstanding balance is.

I have also begun to research filing a Chapter 13 bankruptcy. This would eliminate my credit card while allowing me to retain all of my real estate (it's not like there's equity in any of them anyway).

I am currently in the process of loan modifications on two of the properties I own. One loan is with Countrywide and the other with Washington Mutual. The outcome of these loan mods will determine my decision for all of my credit card debt.

On a more positive note, my business is doing well considering the economy and recession.

Purchasing a $500,000 home in Sydney, Australia

However, it's not for me. The home I'm purchasing in Sydney is for my mother. After living in the United States for roughly 30 years, my mother has decided that she wants to be with her family in Sydney. This move isn't going to be easy by any means. The home costs half a million Australian dollars, shipping the furniture will be another $10,000 and this is just the beginning. I'm sure there are going to be other costs that we overlooked.

It's a tough call. What I mean by this is that I want to make my mother happy and buy her the home of her dreams. On the other hand, I could possibly drown in debt. Not only will I be responsible for the mortgage in Australia, but also a couple of mortgages over here in Southern California.

I need to analyze all of my debt and monthly obligations to see if this is even going to work.

The Passion and Desire to Overcome.

How is it possible that a 25 year old can be in almost $1 million of debt? Allow me to explain.

My debt portfolio consists of four mortgages, one unsecured personal line of credit, one student loan and 15 credit cards/accounts which equates to almost a million dollars in liabilities.

Shortly, I will pass the million dollar mark by adding another mortgage to the list.

Your next question is how did this 25 year old gather enough money to purchase four properties and how did he establish such credit worthiness?