The Ramsey Show "I have 350k Of Debt And Haven't Filed Taxes In 8 Years"
Dec 12, 2025
Dive into the world of financial conundrums! A caller grapples with $350,000 in debt and the implications of bankruptcy. Discussions unfold around balancing retirement savings with enjoying life today. Hear about the pitfalls of sharing family properties, and the financial fallout of unfiled taxes. Learn how to navigate unexpected family obligations and hidden debts in relationships. Plus, insights on wise investing and overcoming emotional setbacks while rebuilding finances.
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Family Compound Has High Relational Risk
- Shared-family property deals introduce complex legal and relational risks that often outweigh benefits unless every variable is perfect.
- Keep family living arrangements simple: own separate, marketable parcels to preserve boundaries and exit options.
Fix Back Taxes And Payroll First
- File missing tax returns and resolve payroll (941) issues immediately with a trusted tax pro to avoid criminal exposure and perpetual liabilities.
- Prioritize paying withheld payroll taxes and back IRS obligations before non-bankruptable debts or discretionary payments.
Redirect Cash Flow To What Can't Be Discharged
- Stop paying bankruptable unsecured debts and redirect available cash flow to the IRS and payroll liabilities as you build a catch-up plan.
- Work with a tax professional and then scale back payments to credit cards, lines, or SBA loans if necessary or until legal action forces bankruptcy.
