I Owe $80,000 In Taxes and Don't See A Way Out

The Ramsey Show Highlights

Ramsey Network

Education, Investing, Business, Self-improvement

4.5 • 838 Ratings

🗓️ 11 May 2026

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today. I've got about $80,000 in tax
0:10.1	debt and $50,000 in credit card debt, and I'm wondering if I should file bankruptcy and just kind of start
0:19.1	over. What's your income?
0:27.3	70,000 and then combined with my wife, like around 100,000.
0:28.8	Okay.
0:31.2	And that's your total debt that you just gave us?
0:33.7	Yes.
0:34.5	Okay.
0:36.5	What is your mortgage or your rent? Rent is $2,200. Okay. What is your mortgage or your rent?
0:40.0	Rent is $2,200.
0:41.4	Okay. What's your take-home number every month?
0:47.8	Take-home for me is probably like $4,400.
1:00.0	And for my wife, her job's a little bit seasonal. She cleans Airbnb's, but it's probably around like 3,000 a month, at least on average.
1:06.0	Okay.
1:07.0	And what's making you think that bankruptcy is the only way out of this?
1:18.9	Because it just seems like such an insurmountable number.
1:26.5	And now the taxes are like racking up interest and penalties and the credit cards are, you know,
1:29.2	I used to be able to do balance transfers and kind of keep it under control, but it's just gotten out of control.
1:32.1	And so now, you know, it's just high interest.
1:37.3	I can make the minimum payments, but it just seems like I'm never going to be able to pay it off.
1:43.8	Sure.
1:44.1	What do you do for a living?
	...

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