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I’m in Debt to the IRS and Student Loans Only. What Can I Do? – Veronica


“Dear Steve,

Gawd I hate being in this situation, but I am 45 years old and almost $70,000 in debt. Most of it is from student loans, IRS, and other loans. No credit cards.

I’ve heard that you cannot file bankruptcy with IRS or Student Loans debt. Was wondering if this is true. If so, what other options should I look at?

Will Consumer Credit help me work with them to develop a payment plan I can live with? What other options are out there? I haven’t contacted them regarding making a plan yet – was wondering what all my options might be before I contact them and before they start garnishing my wages


Dear Veronica,

The IRS will come up with a payment plan for you. You should call them ASAP to get that in progress.

On the student loans, if they are government backed loans you may find some relief through the new Income Based Repayment (IBR) program.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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