I would just humble share my experience: bankruptcy is a bad option in your case. You guys make a lot of money! Unless there is something you are not telling us, you should be able to live off this income. We are in a similar situation. My wife and I both make a total income of about $120,000 a year. There is no reason we should be in $18,000 in cc debt. But we are. My wife and I are having to be honest to one another and to ourselves about our spending. No one is going to give us a “get out of debt free” pass. We got the “Personal Finance for Dummes” book, started with chapter one. For us bankruptcy would not solve the problem. Our attitude regarding our finance has to change. (P.S. Our attitude about finances has not changed. That’s why I’m in this group) Our families have been blesses with this kind of income. There is now legitimate reason my family is in so much trouble.
Many big corporations make a lot of money too and find themself in bankruptcy and need to file to survive. I was in a waiting room the other day and picked up a copy of Money magazine. There was a quote that read: Most people who file bankruptcy wait way too long before they file.
The big question those in debt need to ask themself is :
Can I pay these debts off in a timely manner? If the answer is no, then they should consider filing bankruptcy and get a fresh start. They can repay any creditors listed in their bankruptcy once they are on their feet. And I for one, am not going to judge them.