up to (one's) ears in debt
Having an excessive or overwhelming about of debt. Our cash flow is good, but we're up to our ears in debt, which is a big strain on the company. You'll be up to your ears in debt if you don't stop charging everything.
up to your ears in debt
If you are up to your ears in debt, you owe a lot of money. Tom was still up to his ears in debt with no prospect of work.