Maybe I am missing something but it seems like Mr. A is not the one declaring bankruptcy, just his parents. The reason he wants to trim his budget is because he was able to afford everything while living with his parents, but now that he is going to be on his own he has to cut his expenses and get rid of any debts he has so he can live comfortably. If that is the case make sure what you are bringing in covers what you decided to cut from your budget with a little left over for emergencies. I agree with getting rid of the Stang, the insurance on them is normally pretty high and the gas mileage is not very good. My buddy drives a 95 Honda Civic, insurance is dirt cheap and his gas mileage hits about 36mpgs on the highway. As for the rest of your plan it looks pretty good. I don't see a problem with him still going to cedar point and keeping some stuff, since he does not seem to be in as much financial trouble as his parents. It seems like he is just trying to cut the fat from his budget to make sure he does not get into trouble (or more trouble). Just make sure you plan everything out and you know exactly where you stand with your finances before you make any more purchases, and get rid of any high interest payments first because, as was stated before, that is just money down the drain if you are only making minimum payments. Good luck!