Here’s the numbers for my husband and I
96k of income tax debt 2019-2025
35k of credit card debt
10k of installment loan debt
23k car loan (car worth 11k)
30k of student loans
Taxes are in CNC status but we have new debt from 2025 that we just filed this week
All other debts are current, but we are drowning.
Combined income, 150k.
Daycare $1900/mo
Rent $4500/mo
Utilities $400/mo
Car loan $500/mo
Remaining monthly income goes to insurance, gas, food, vet, medical, etc.
Our credit scores are trash. Feels like we can’t make any progress. We live in a high cost of living area for my job and can’t afford to move to a different rental. Our rent is pretty average for our area. We don’t eat out. We don’t travel. We don’t really have any assets of value.
Tax debt is honestly the most stressful, and was caused by a variety of missteps that we are working through now with some financial guidance through my employer benefits. I know that not all years would be eligible, but the older years are the biggest as the $ owed each year has gone down.
I think it would be tough to get ch 7 because of our income, and not sure ch 13 would really help.
What do we do? Please be kind, I feel like an awful human being that’s failing my family. I’m depressed, having trouble sleeping and see no way out.
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