No. of Recommendations: 14
Then you having been paying the debt down? How much has it decreased in the past 24 months?

Okay, by reading the thread from Christmas, 2011 that Joel linked to, I got my answer. Apparently, you had $50k in debt 2 years ago (although you never confirmed that you had actually added up your debt, and you started out saying you had $40k, so it's not really clear). You now say have $45k in debt. If you really had $50k back then, that means you have managed to pay off only $5k in 2 years.

Which leads AGAIN to the question - what are you spending your money on?

With $90k in combined income, or even $60k in your individual income, you should have made much more progress on paying down $50k in debt in 2 years, if you really haven't been using the credit cards and you really only had $50k in debt back then.

I suspect you either don't have a grip on your spending, or you don't have a grip on the real amount of debt you have. In either case, declaring BK is unlikely to provide a long-term fix for you unless you manage to improve your grip on both issues before your BK is finalized.

Paying off the amount of debt you had 2 years ago on the income you have should have been possible in the last 2 years if you wanted to pay it off. Apparently you don't, since you don't seem to have made an effort to live enough below the means that you have had for the last 2 years in order to make any more progress on the debt than paying the minimum payments.

You seem to be asking for a miracle - trying to find a way that your debt will magically just 'go away'. Sorry, that kind of magical thinking isn't well thought of on this board. You aren't going to get any answers that are any different than the last times you asked questions for either you or 'your nephew'.

AJ
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