66-Year-Old IT Business Owner Reports Income Drop to $1,200 Monthly

A 66-year-old IT business owner wrote on Reddit in January that monthly income from the business had declined to about $1,200. Total monthly income, including Social Security, reached roughly $2,900. The post listed $70,000 in credit card debt across ten cards, an SBA loan, and medical bills.

Assets included a ten-year-old truck, a six-year-old travel trailer with $4,000 remaining on its loan, about $6,000 in stocks, and $19,000 in savings.

Commenters suggested filing for bankruptcy as one route to address the credit card balances. One user who completed a Chapter 13 plan in 2011 stated they became debt-free and later purchased a home. Other users recommended closing the business and seeking traditional employment to stabilize cash flow.

Additional suggestions included reducing expenses sharply and relocating to a lower-cost area before considering bankruptcy. "Bankruptcy may be your best bet," one comment read. " The post did not name the individual or provide further identifying details.