I am married and my spouse has not worked in 7 years. I make approximately $85,000.00 per year, however, my debt to income ratio is approximately 140%. This caused me to use credit cards to survive over the past few years and now I am not able to make the payments. My credit cards are now up to their limits and I can afford to pay only my mortgage, insurances, utilities, etc. I've just stopped paying my credit cards. What can I do at this point?
Income is not the factor that an attorney must consider in determining a client's eligibility for chapter 7 relief. However, the only way to get an answer you can rely on is to sit down with an experienced bankruptcy attorney, provide them the information that they need, and let them see what relief is available in your particular situation. You should not simply assume that because you're over the state's median income that you are not eligible for chapter 7 relief. You should also not assume that simply because your debt/income ratio is 140%, you are entitled to chapter 7 relief.
Meet with a lawyer now. The sooner you do so, the sooner you'll know for sure what your options are.