conversation: User (Losingitall1): "So I'm considering bankruptcy due to my unsavory gambling habits.  Ever since I started therapy for it, I've been clean ever since ~2 months.  Problem is I'm left with a crushing debt of about 50k. (15-20% interest) (please spare your lectures;  I've already paid an extremely high emotional price for my stupidity)\n\nRegardless, my information is I guess unique. I'm 25yrs old with working salary of 80k/yr.  (~40k? take home after taxes) ; 1.1k of strudent loans per month ; and rent being 1.3k per month (i've already signed for a 12 month renewal in my error to move out before then) \n I'm calculating that it'll take me about ~2 years to formally pay off my debt if I dont spend money on any frivolities.  My car is under my dad's name and I dont really have any assets to account for.  I dont plan to make any large financial decisions (buy a home/car/etc) for a while and I am considering the idea of bankruptcy.  Would I  be able to make the cut for it?  \nI understand the ramifications will last years on my credit report.  I want to build my credit score again"
  Self: "If you're making 80k a year and taking home about 60-65k after taxes that doesn't leave you much wiggle room. You're taking home a little over 5k a month and you're already paying 1.3k for rent and 1.1k for student loans. If you're paying 15-20% for interest on your consumer debt that's about 800-1200 a month just in interest. So that's like 3600 a month without even accounting for food, gas, utilities, cell phone, insurance. On the low end you're likely at around 4500 a month so maybe 500 a month left over for debt repayment. With all that I'd say you're looking at a lot longer struggle than two years to get this figured out. I'm going through a very similar situation myself. About 40k in debt and take home about 50k a year and I'm struggling with what to do as well, good luck to you. "
  User (Losingitall1): "Yeah you probably have the best financial grasp on what I owe and what I'm going through.  I definitely underestimated the time frame.  It's probably closer to 3-4 years.  I'll look for second job and see how that goes."
  SidePony (SidePony): "The rest of us have the "grasp" you provided in your post. You've gotten a lot of good advice here.\n\nI know it can all seem overwhelming when you first begin paying back a large debt, but I urge you to sit down with actual numbers and budget. The fact that you list take home pay as half of your actual wages makes me think perhaps you haven't done this.\n\nIt may also be helpful to talk to someone else who has been through this exact thing. I'm not sure if you are in some kind of group (is Gamblers Anon a thing?) but if so you could ask other people how they've come through this situation."
  