Tax Debt – $175,000
Credit Card Debt – $90,000
interest on top of those
All I’ve wanted all my life is to have someone to manage my money and only give me what I could spend without repercussions. I’m awful with money and have gotten myself in so deep I don’t know how to get out.
This has been eating me for four years now and affects me every day, pretty much all day. I have about $175,000 in tax debt and $90,000 in credit card debt (minus whatever the current interest is). I saw a bankruptcy lawyer and he said to deal with the IRS, thinking that they IRS would want all my available income for five years and then I could file Chapter 7 since I’d have no money left over.
Here’s the rub… I lost my job last year, and am now working a contract job for 20% less without health insurance. I have been putting off calling the IRS to get the payments started because if I lose my job again and can’t make the monthly payment, I’ll be in deep trouble. I’m deathly afraid of going to jail. I’m 46 and have no savings for retirement. I’m also gay with no children, so my older years are looking more and more scary.
Please help me get over my paralysis and figure out what to do.
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