She wants to dig out from debt

A Single Woman's Debts

by Steve Rhode

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I Really Want to Avoid Bankruptcy

Declaring Bankruptcy

Dear Steve,
I am a 46-year-old female who is considering filing bankruptcy. I owe approximately 38k in IRS taxes and 60k in student loan debt. I also owe approximately 20k in personal credit card debt. Most of which is in charged off status. Last year I started working independently in hopes to increase my income and create a financial fresh start. I'm just beginning to make money and can see my way to 100k or more. I am struggling with how to move forward as the task of turning my financial future around seems impossible and is very painful. I'd like to know if there is a resource that could advise me of my best options. I realize that I cannot dismiss federal IRS and student loan debt, but I was told that a Chapter 13 may work to restructure things. I'm considering doing it all on my own and trying to pay off the debt, renegotiate and clean up my credit. Please help.

There is help available to assist you through this. And I would certainly encourage you to get professional help to implement whatever solution you have.

Keep in mind that your IRS taxes may be dischargeable in bankruptcy depending on how old they are. You need to review your situation with a bankruptcy attorney. You can click here to find a local bankruptcy attorney.

You can also discuss your situation with talented debt coach Damon Day for free as well. See this special offer for site readers.

If you want to work through this without any outside assistance, then let's start with the basics.

I'd suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.

Then use the free How to Get Out of Debt Calculator to review your options.

Steve Rhode

Steve Rhode is an experienced debt expert who assist consumers for free to find good solutions for bad debt. He sells no products or services, just provides free assistance through his site at

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