Should I File Bankruptcy Or Dig Myself Out Of Debt?
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- čas přidán 3. 08. 2019
- Should I File Bankruptcy Or Dig Myself Out Of Debt?
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"They just filed a law suit against me"
Dave Ramsey - Perfect!
Lol
Go see a bankruptcy lawyer.
@@foodnetworks I will most likely never have to so no thank you.
😂😂😂
Can't include debt that has been awarded by a court in a bankruptcy. He will have to pay that either way.
@@Smartguy561 The attachment of a judgment to a debt does not change the debt's eligibility for discharge through bankruptcy, and judgments associated with debts such as these are typically eliminated in the bankruptcy process.
Never good when Dave gets pad pencil going ,lol
I appreciate that Dave remained on topic and didnt berate this caller on already learned lessons regarding those business debts.
This dude said he stop paying everything but the car and boat lol
He wants to keep them..🤭
I've been watching Dave now for sometimes and I wish I found him before where my situation right now but he's super right everyone makes stupid mistakes so that is why I'm working right now to get out of this mess and will never go back again! Thanks Dave Ramsey and ur Show! GOD BLESS!
same here. I feel you.
Yup been there too
Yep. You'll do it. Got rid of 95% of my debt. Can't wait to do the debt free dance.
Same. I basically kept my savings stagnant in my 20s because I lived a little too much. Now I just watch it increase.
Wait...he owned a car dealership and has a 25k car loan? Geez no wonder it failed.
🤣🤣
This guys seems like an idiot. The shoemaker’s kids have no 👟 👞. 😂
⚰
Came here after Dave insulted people for wanting to get their student loans forgiven and how tax payers are going to pick up the bill -> people who want student loans forgiven are a burden on society and lack integrity. Then hears Dave talk about paying credit lenders a quarter of what is owed and how debt collectors are morons for being mean while trying to get their money back. I like Ramsey's stuff for the most part, but I find this pretty hypocritical.
I was thinking this the entire video. I don't blame this guy for his debt or looking for options to get out of debt. I also understand that debt collectors are annoying and stress inducing but how are they morons because their job is to collect money owed to clients for services. Good luck to this caller though.
What a stupid comparison. The banks, the lenders, willingly went into this because it’s what they do. It’s literally their business. They will settle for less money IF they agree on whatever that settlement is. They WILLINGLY went and go into these transactions knowing and accepting the risks and possible outcomes - that’s how they get rich.
Taxpayers, on the other hand, do not willingly give their money. They are forced by the government to pay whatever money the government decides they need to pay. Then, the government that stole their money, decides what the hell to do with it whether the taxpayer likes it or not… Do you see the difference?
@@simonpereira4281you missed the point. You’re talking about where the money is going if/when it’s paid back. But the original comment is talking about Dave’s philosophy on debt repayment being hypocritical. If a person has a moral obligation to pay back the money that was lent to them (which is what Dave often argues), then that sentiment should be applied in every debtor-lender situation, including this one. This guy should have to pay back his debt in full because he has a moral obligation to do so, as do the students who borrowed student loans.
Dave Ramsey is a hero of mine honestly. People are unfair in this society. Hese that smart to teach you how to take care of your self and still be successful
@@top.secret000I have critics of Ramsey but people are comparing apples to oranges. From a morale standpoint he argues that you should pay your debts to what you can legitimately pay. There are expectations but the data shows that the overwhelming majority of people with student loans have every capacity to pay them off and the forgiveness plan the president was attempting to enact was in most cases going to individual with incomes well above the median. Also, it’s simply not the same to negotiate with a creditor who took a risk and wanting to get a benefit from the American public.
You know it's called discover? because you discover a new fee everyday
Dave Ramsey calls it "Discover Bondage"!
after talking to bankruptcy lawyers who wanted $14000 to do a bankruptcy . . . another wanted $8000. so I decided to try to settle with the creditors and I did. . . i figured why give these lawyer snakes money when i coulld use it to settle out these debts. I did live on beans and rice for a long time but i learned a lot but don't ever want to go thru this ever ever again. it was a business that was in trouble . . .
How much debt were you in Rita?
@@troy4343 all in all around $250,000. the liens were scary at first. But if the lienholder didn't renew the lien in 7 years it just drops off. but i settled with most every one of the companies and people. I despise lawyers they are snakes.
@@RZASSOCIATES Wow!!! Thanks for sharing. PEACE&LOVE
Whoa, I did it for $2250 total. $181,000 in medical debt gone. Yes we had insurance they just said "no thank you to paying"
Wow, Dave Ramsey talking to his younger self...
Credit card companies loan you money,"use the money how you want but make sure you pay it back",when people use the money and can't pay the money back,they start to demonize the credit card companies???if you don't want any debt don't borrow or apply for a credit card simple as that!
Thank you for describing the emotional/mental toll this process takes! I had to give up "negotiating" when I was at my lowest as a teacher (teens), endless court drama. No bankruptcy, just destroyed financially for years & years...improving now!
This call was kind of awesome. Hope he gets out of this situation fast 🤞
What I don’t understand is that the gentleman borrowed the money. He should pay it back. He knew what he was signing up for. It’s not the credit card companies fault.
Good luck to this guy, keep sane man, we're all praying for you!
Wow! Great info on bankruptcy.
Davey is killing it with that studio
If you owe it..pay it! What if your employer on payday said let's settle and instead of giving you your agreed pay of $1000 for your time we'll give you $750.
Some companies also close without paying their obligations as well. Some companies lay off employees but continue to give bonuses to their CEO’s even though the workers gave it their all and expecting a pay check bought a home or a car, and now can’t pay for it. There are two sides to every story
Interest is a scam to begin with so your comparison makes great sense (not)
Claire Willow Sorry you don’t understand economics and how credit works to move the economy
HamiltonRb I understand the part where the credit cards move “the economy” from my bank account to theirs if I were to lose my job or get sick etc and miss payments
Claire Willow I don’t have the time or inclination to explain how credit ( not just credit cards) moves the economy but watch what happens to the stock, bond and mortgage markets when the Fed raises or lowers the interest rates and you might understand better why credit plays a crucial role in the economy
Beautiful advice uncle Dave
Insulting people/companies for asking you to fulfill your obligations seems wrong to me. The companies extended trust and the cardholder abused that trust through poor decisions or malicious use (used cards knowing he couldn't pay it back). I understand what he means with collectors, I went through it once, but ultimately it's wrong to put them as being the bad guys. It deflects responsibility.
Well look... I had a Visa card for emergency use... That's how I used it... Before I learned of Dave.... Then I lost my job when Delmonty shut down!! I was out of work for SOME TIME... I could not make the Visa payment. They closed the acct and started in on me... I finally stopped answering my phone to any number I didn't know!!! Wasn't my fault Del Monty closed down. I was 1 of MANY who lost there lively hood.
Amen to this!! The Bible says to not borrow....
My exhusband and I filled BK in 2002. Thinking of things now I bet we could have dug out of them okay. It's stressful anyway you look at it. Great advice Dave.❤
what would be the advantage of settling for a quarter on the dollar instead of declaring bankruptcy? His credit is going to be obliterated either way so would it really make that much of a difference? asking genuinely.
With Dave sometimes it's a matter of principal. He feels if you borrowed the money, you should at least make every effort to pay it back. He probably believes this will help you out in future financial decisions.
He borrowed the money, and he agreed to pay it back. It's not about mathematical advantage. If you can pay back your lenders, you generally should.
Cool new studio, Dave!
If the guy borrowed money, wouldnt be honest to pay it back? Instead of insulating people who call to get their money back ? If u reverse roles, and some guy who owes u money would tell u that if u didnt understand plain English when he told u he is not paying u back, will that be right? Just doesnt sound right......
Settling your debt also causes damage to your credit. Avoid the hassle, file for bankruptcy if you don't care about your credit. Already stressed just listening to Dave on how to negotiate with creditors.
I agree with you!!! Im not going back and forth with a collector thats what lawyers do🤷🏽♀️
“Are your parents cousins?” 🤣💀
Wow look at that studio!
They should do the same for Chris Hogan!!
English is my parents' second language. Please don't insult people like that. I know it was not your intent. I love you, Dave. I appreciate everything you are doing for people in this world!
😂 “you on beans and rice”.....good luck buddy with your debt situation
Did that for 3 months to start digging myself out of major debt. I now forever hate spaghetti. Had that for breakfast, lunch, and dinner. Ugh the nightmares! 😩😂
You can totally keep your car in a bankruptcy. It depends on the value of the car. My wife and I had $181,000 in medical dept. Insurance completely declined all bills.
We kept both cars, got the medical debt gone, brought a house 4 years later at 3.25%. Current have a 700+ credit score and the bankruptcy will disappear in a few years.
Why was that a bad idea? Our other option was to hire a lawyer fight the insurance company, hope we win most of it and still owe like 50 grand?
that desk looks amazing
if it's ever THAT bad, always file bankruptcy. especially if you don't care about credit scores anyway, why bother trying to repair it? file, pay down the easiest debts first, the worst over time never get back in debt again. OR, don't pay the debt and wait for 7 years, after that your debt will automatically be invalid so long as you don't try to start paying them AGAIN. your score will be terrible, but again, if you don't care it shouldn't matter.
never get back in debt either way.
I've got to disagree. If you lent him the money, I bet dollars to donuts that your advice would be different. Otherwise, he steals from you and you're left with the mess he made.
Blake, American Express and Discover will definitely want their money, and they don't care what you say!!!
Wrong. I settled with American Express (Gold) in 2016. I applied for a Business Blue revolving card they issued me the Gold. To bad for Amex. I applied for a personal Amex Blue and they granted the request. Never had a late payment on Blue, but when I settled on the Gold, they closed the Blue. Amex is nonsensical.
American Express worked with me as well. 5 years payment plan
People filing bankruptcy is like someone asking for student loan forgiveness. You racked up the bill so you gotta pay it.
No, you cld file bankruptcy 7 times then run for President 😂
Very Vise Dave Ramsey.
"Simple conversation. I have this much money. Do you want it." 😳
I disagree, I got garnished wages on a $5,000 credit card that wasn't paid. I had the CC in college, racked up $5,000 and 10-11 years later they garnished my wages. In all after paying the garnishment (legal fees, garnishment, interest, late fees, etc.) I ended up paying about $27,000 for that $5,000 debt.
Don't assume they won't get ya, cause they will!
@shanefield7339 - cc debt is unsecured. How is it it was still valid after 7years? Where did you live ?
@@chicamie Missouri at the time. As long as they attempt communication, the 7 year period resets
"they are ridiculous" 🤦🏾♂️ uh, you borrowed money and you owe money..
Don't borrow the money if you don't plan on paying it back 🤷
I can't imagine being in such a position. Knowing almost nothing about finance in that way and being forced to learn and understand it overnight.
He should have used a debt settlement company before receiving judgements. Would have saved the stress of dealing with collection companies + would have legal representation included with debt settlement plan.
Great question, brilliant answers.
LOVE YA DAVE MY HILLBILLY MUNCHKIN
Are your parents cousins 😂
Virginia Lorthe IKR just doing their jobs, trying to get money which was loaned.
Sure, just borrow the money and don't pay it back. They forced you to get that loan, right?
Also, spend some time/money putting the partner into a judgement to you for their share. Why not? Even just the small claims limit for the caller's area. That person may as well pay something or consider bankruptcy too. PS the Dave Ramsey reception job must be fun. "Here's your list of callers that can be abused, American Express, ...."
I’m wondering?? does Dave Ramsey call up a failing financial institution/bank and yes, they do fail, and does he tell them not to file?? and does he tell them all of that anti bankruptcy rhetoric/enthusiasm and to work it out with all of the commoners that they’re about default on??
I have 12K in credit card debt still current, one car paid off valued at 5K, and no other assets... should I file for bankruptcy 7 to eliminate all the debt? And would I be able to keep my car? I can't work, I have very little income coming in from online sales, and I'm going through divorce and all these cards are in my name.
File!
I think he is better off filing bankruptcy and moving on. Business bankruptcies happen and good people get devastated when they have a personal guarentee on the business.
Dave's new desk is awesome! Broke people paid for it. lol
broke stupid people you mean 😁
😳😂
So if Discover is suing you for 5K what are my options after they started suing?
Good thing i love bean and rice lol
Just file bankruptcy guy.
How do you even get in that much credit card debt I cant even get to 500$ of crc debt without freaking out.
Having a partner is the worst decision any my can make unless you know who they are
Hey once collection agencies are after you, your record is dirty. Why you don't do this, take most bigger parts from your car and both and keep somewhere in the storage. They not take the frame from you. If your credit cards are still alive wash out then go bankruptcy.once bankruptcy case is finish you are free.😆
I have 14,000 in a car debt , with 17% interest rate, what should I do, I dont care about the car anymore probably the car worth right now 10,000 is a Chevrolet cruze 2017 , what should I do world 🤔😭🤧
Hi dave, im from south east asia, indonesia location. Most of people saving money in rupiah indonesia currency, and what would you do, if our currency money value dropped? The things is, people saving money, but they keep poor because the currency value keep failing. What best choice we should do if we not be able to keep dolars or another country money currency?
Easy gold or silver 👌...
go to d bank open USD account
what about investing in land or property. can list lease or rents in usd.
Bankruptcy saved my life I highly recommended
Dave is there anything else to eat other than beans and rice rice and beans LOL
Can you do this with a mortgage
Wish I had listened to Dave years ago 🤦🏽♀️ By the you get to bankruptcy, you’ve probably already paid enough in interest and late fees anyway.
Personally guaranteeing a business loan is not a wise move. Lesson learned.
Dave, how is not paying debt Biblical?
It was probably Fiat dealership
Alright Dave we get it. Collectors are stupid. You dont have to keep repeating it.
And actually, collectors aren’t stupid. They’re just plain aggressive.
Longterm think abt solving the root cause of the debt problem even if bankruptcy does give a temporary reprieve.
*about
Just curious as to why many people don't spell "about" but abbreviate it as if adding the two vowels are taxing. 🤷🏽♀️
@@QueenStylin haha just wan 2 show i m gd @ abbreviations
Investing Education LOL!!! 😁😁😁
I have always been bothered by the strategy of stopping payment until they will settle for pennies on the dollar. If you owe the money, why not pay it?
David B. B.c its money.
Its Chess not Checkers. You should look out for yourself first. These companies do not care about you. If you can get cleared of a 5K debt by paying 1K who wouldn't do that?
There comes a point when the interest they charge you just isn’t fair and your income just isn’t enough.
I hated when I was a crs for a communications company having to talk to our collections department. And I worked for the company. And I really hate how companies work when you get even one payment behind and call into customer service to make your payment you have to be transferred to collections and customers get so mad because they hear that word and think that there credit is ruined from being one day late on there internet bill because they were in the hospital. I saw it so much it was stupid. That’s why I am no long a crs lol
really horrible advice by Dave. This should be an easy call to go into bankruptcy. I love how Dave acts like selling cars and boats on payments is so easy. He might have 15K negative equity between the 2 and now he has to go through the process of dealing with that nonsense. You go into bankruptcy and everything is cleared out and he's good to go
I agree. Just file Chapter 7 and start your financial life over. But, learn from this. Spend the next 7 to 10 years while your credit is ruined just saving money.
Bankruptcy would make things easier but caller doesn’t want that. Said so on the beginning.
You might not have gone that way but Dave had to factor in people’s preferences.
Oh yeah, these credit card people are nuts. My grandmother survived a natural disaster. She lost everything. Litterly only the clothes on her back. She lived of social security only. Shortly after diagnosed with cancer and died within a month. These credit card companies called my parents for years threatening to get money from someone who died litterly penniless. There was nothing left. I mean a few things like clothes and fema relief equipment that she had after the event. I mean.. you can keep calling but max you might get is $100 out of her estate. She owed something like 30k.
They are relentless and they will bully you to agree to stupid terms no rational person would ever agree to. I'm just glad my parents didn't bend. Never bend. This is what I have to give you. You can either take it... or I'll make sure your first on the list of creditors on my bankruptcy case.
FILE BANKRUPTCY!!!! BANKS AND CREDIT CARDS DESERVE TO LOSE
You lose filing bankruptcy
@@larrybud How?
I finally got myself out of debt by paying my credit card with Amazon Reward Card from Chase.
gave the final payment that they needed.
how I did it was with a Balance Liquidation Program gave them 200.00 per month started in 2015 and ended on August 8 2019.
And it was finally posted on my bank. Yahoo.
You paid for credit card debt with another credit card?
No I went on a program with Chase to pay my card in installments
Interesting
a note to Dave's team: those bright horizontal LED light strips behind Dave are kinda irritating.
Tell Dave himself. He has final say on how everything looks in his studio
Dave Ramsey is so bitter against credit card companies. We get it, he was bad with finances and got sued by credit card companies and he’s mad that they asked his wife why she was with him
It sounds like this guy was very poor at business, probably took on more debt before realizing a profit in the business, sounds like he borrowed the money to get big overnight and it caught up with him.
Can wages be garnished in California?
Genesis Ansbro what does your adult inner voice say?
Did he say boat? Seriously....
File, and the cards, letters and phone calls will stop overnight. Everyone will get nothing, it's not as bad as one would think...start over, eventually Amazon will put most businesses out of business, BK's will be ramped and tens of thousands of people will lose their jobs..look down the road, not behind...file and learn from it...btw, what is your age?
How is it the lenders fault for the borrower not paying off something they agreed to pay off? Americans are sensitive snowflakes. How about don't borrow money then you won't have to worry about having debt.
Americans will blame the Mexicans, the Blacks, the Feminists, The Democrats etc...
EVERYONE but themselves.
@@imayjustsayI blame democrats for the things that democrats actually do...as in raise taxes and spend my money.
@@geezusfreek1 Typical - play the blame game. Can't you see how the world is taking you less seriously?
Spoken like the high road lefty population...kill any babies today?
@@geezusfreek1 Talk to your imaginary father today?
Everyone needs to make their own judgment call, but this guy is way too far under, bankruptcy is easier at this point.
Kindly explain to me why it's ridiculous for lenders to want to be repaid.
It's not. But people doing collections don't consider the big picture. They could take his settlement offer, or they could just beat on him to the point where he's driven to filing for bankruptcy, in which case they'd get nothing.
File bankruptcy. It’s the best thing I ever did.
How long did it took like the whole process? how long in advance did you stop using the credit cards before filing? I'm thinking about filing that's why I'm asking.
Erika Lucia unfortunately I too filed. Still stings a little, I’m almost two years out, the most damaging stage. I was able to file quickly as I had judgements against me to garnish my wages. It was all credit card debt. I had a car note, with my dad as a co borrower. We reaffirmed the debt, so that did help my score. I was able to get another car after being discharged and my old one paid off. I did wait though, waited a few months after I filed to get a car. I was upfront and honest about the bankruptcy at the dealership. I hate myself for filing. But in short, all my attorney fees and court costs and the filing process was 2300$. I gave them monthly payments to begin with, once the chapter 7 was on my credit the collection calls stopped right away. Find a real good bk attorney. Good luck.
@@Snakeyes11123 What documents do you need to give to file?
@@Dantheguitarman3 it’s been awhile so I can’t remember, I signed sone paperwork basically saying I was hiding any unaccounted debts, like hiding money under my mattress or stocks. I signed a letter from my attorney that told the creditors I am filing bankruptcy and they have to stop calling me. My bankruptcy attorney put an automatic stay on them, if they call me asking for money it would be illegal and violate their contract. The whole process was fast, I signed a lot of paperwork and once I filed they sort the documents to my creditors and the calls and collections stopped. Once my attorney got all the money everything was done and I could rest at night.
Choose self employment! That's what my channel is all about. Getting yourself in that situation is because of how much is coming in and because you're working for someone else.
He was self employed!?
IDK why Dave badmouth collectors when hes talking to deadbeat debtors. Like these people are morally deficient for collecting on a debt? I thought he was supposed to teach accountability. Keep your promises, or don't make promises you can't keep, and youll never be in this situation.
Also, if a debt collector EVER made an unauthorized payment it would be a huge favor. Youd get your debt paid off and probably extra money. That pretty much never happens.
I don’t think he’s referring to the people themselves, but rather the system - they prob have scripts they have to read, go off of - that, I think is his critique- their technique.
@@chicamie he is absolutely referring to the people he says they are the scum of the earth and they should get real jobs. Hes like an idiot child. Yeah they read from scriptd whats your point?
He'll be able to do this, with discipline! Hopefully we will get to see his debt free scream.
The caller’s parents are obviously cousins! How irresponsible to run up debt you can’t pay. The credit card company is doing what credit card companies do. The caller needs to get a clue and assume responsibility for the mess he created. Such victim mentality! 😩
Just file for bankruptcy
LOL
Not sure i understand, how is a guy defaulting on debts on the right side of this? Equipment leases, and floor plan people did their job, this guy defaults and they’re stupid? This guy took out loans fully knowing that the business may fail and then what? Be in this situation. He knew this, did it anyway and then hes in the right for not paying them? Then, The floor plan people will call dave that their customers are defaulting and theyre struggling. And so on and so on. If youre ready to take out loans, you have yo be ready to pay it back. No matter who its from. The money is not yours, its essentially stealing.
When a creditor threatens a person; then the debtor can sue for $1500!
I had no idea...and No proof
I went to court over 15000 c.c debt and I won...they have to prove it's your debt but you can't pay the card for years..they can't prove it's your debt .
Marie Jones who racked up the debt?
@@sha2bron2 who wants to know ??lol
@@mariejones7136 😂
@@renea8724 lol
I wonder if credit card debtors ever execute on a judgement. ( meaning the sheriff takes your possessions ) And if so, making them a partial offer would be futile.
nope. not at all. all unsecured debt is just that unsecured. they can’t and don’t want to take your possessions. just want money
😂.
Go bankrupt and start over. Clean slate. Fresh start.. your making 70 grand a year after bankruptcy also? Tell the creditors to buzz off. Give them your lawyer's number. or go see your lawyer and your lawyer will send it through a computer and they the creditors were quit calling you
as bad as bankruptcy is at least its an option, other countries will throw you in prison.
@@gangatalishis God bless the USA!!! I went bankrupt years ago. I was able to breath after the discharge. My God I got my life back together.
@@foodnetworks Or you can just not take stupid loans and you will live hapilly anyway
@@iliyahristov5565 absolutely!!!!!
@@iliyahristov5565 . Well doubt he planned for the business to fail on purpose.
I’m surprised at the attitude in this video. Dave is calling people owed money “morons” for not being okay with taking a quarter of the money he owes them? I like a lot of Dave’s advice but not sure if I like that Dave owed money and only paid back the people he owed a quarter of the money he borrowed. Borrowing money and not paying your debts back doesn’t seem right. Dave has millions of dollars now. Has he paid everyone back in full or did he make his money from not paying people?
Easy you made the debt you pay for it....... If you can't pay for it don't buy it...
damaged has been done amigo. just be happy you are not in his situation kid.
du 30 One becomes wise when they learn from the mistakes of others
@@landon7759 so let's just learn instead of condemning or blaming the person involve
Companies are not wrong for wanting their money back and *in full*. It is not a bonus for them to receive a portion of what they lent you. The bonus is them working with you and willing to forgive the remaining amount. It's not an obligation. These same people fuss over a $2 coupon at the grocery store, but angry that a company wants their $2000 back. :/
They’re just ridiculous.. no what’s ridiculous is this guy being that stupid and then not paying his bills.
its not arguing with morans ,only Moran is the person who gets themselves in this kinda debt.
If Dave is such a great Christian, why does he argue to cheat companies that the guy owes money to?
@Nick Gurz If he followed that rule universally, his wealth would dry up in a week and there would no longer be a Dave Ramsey show.
Nick Gurz If you give a man a fish he’ll eat for a day. If you teach a man to fish he’ll eat for life. He’s teaching them how to handle money and debt. They’ll hopefully learn from their mistakes.