Extra $40k, what to do?

Hi, this is probably a straightforward question, but I need advice relative to the current financial situation of the country.

I recently became overemployed, and by May I should have around $40k in my checking account. Before this, I was living paycheck to paycheck mostly. My current combined salary (2 jobs) is around $110k, and this employment situation will last around year, because it's too physically exhausting to keep it going for longer. I will go back to one job earning $60k/year.

I have two debts: $10k in credit card debt and $130k left in my mortgage (I pay around $1600/month including property tax, at 4.5 APR). Car is paid off. I'm single.

Common sense say pay off the credit card debt and put the remaining on the principal of my house. However, I things became REALLY bad and I lost both jobs, isn't it better to have the least amount of debt in the mortgage? In the worst case scenario I could declare bankruptcy for the credit card debt, if it came to that.

I also need a bit of savings of course, but I should be able to build a bit of that during the rest of the year.

I'm feeling very uncertain about the economy, so my #1 priority would be keeping my house if it came to that.

Thanks a lot.