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Good day all,
Be at liberty to disgrace me if you need, so long as you may present some recommendation. I am in debt fairly badly and I am unsure what to do. My debt to revenue ratio is at about 42% earlier than taxes, and 57% % after taxes. It does not seem to be I will pay this off anytime quickly, and I do not wish to spoil a few of the finest years of my life. Proper now I’m weighing the result of chapter vs paying this all off. I make $70k and reside in California (HCOL).
I owe about $15k in bank card debt. $13k is at the moment in a 0% curiosity account. The $13k will get a 29% APR utilized in July 2025
I owe the IRS roughly $15k as a result of I did very properly as an actual property agent throughout the post-covid growth, and did not save sufficient to pay the taxes I owed.
I at the moment pay the IRS $200 each month. I moved to CA for work, and my firm instantly shut down their workplace out right here. It took a couple of 12 months of residing on bank cards and touchdown shitty jobs that paid horribly, till I lastly acquired a everlasting job within the area I wish to be in long run.
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After paying lease, the IRS and shopping for gasoline and meals, it looks like there simply is not sufficient to assist my state of affairs. I am taking a look at spending the following 5 years residing a horrible life. I am 27 years previous and the prospect of being beneath water this lengthy and never having the ability to afford greater than a primary existence has me actually down.
Is chapter a very good possibility? I do know my credit score rating is essentially the most affected factor, but when I can get that again up in a couple of years I can reside with that.
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Please assist me navigate this as a lot as you may.
I’ve come to you, reddit, as a very long time buddy; hat in hand.
Thanks
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