When Should I File Bankruptcy? - Dave Ramsey Rant

at what point should someone start to

consider bankruptcy Ali wants to know on

Twitter Ali

you ever seen the list of 10 things that

if three or four of them happened to you

in a short period of time the likelihood

is you're going to be in the hospital

divorce bankruptcy loss of a parent a

child a spouse your home burns your home

is flooded major catastrophe tragedies

in your life if two or three of those

hit in a short period of time and to end

up in the hospital of stress most people

- it affects you physically because it's

so extreme bankruptcies on that list in

other words it is not something to be

considered lightly and so I put it in

for instance in the same category of a

divorce when would you file for divorce

after you've tried everything else and

you've tried so many things that you

know that there's nothing else to try

and that there's no scenario the current

circumstances in which we make it not

I'm kind of pissed at you and I'm gonna

file divorce that's not what we do we

don't get mad and have a fight and file

for divorce most people don't they

shouldn't so here's the thing

IRS and student loans are not bankrupt

of all your secured debt your home your

cars anything else that has a lien

against it like boats or whatever the

only way you keep those items is if you

reaffirm the debt so if you file

bankruptcy and keep all your cars and

everything in your house and you've got

student loan debt you just kept all the

dad I mean

that doesn't make any sense at all and a

lot of people do that just to get rid of

$6,000 for the credit card in that but

then they turn around keep the car keep

their house and they get the student

loan they still got the IRS over and

over their head and so because people

freak out and they think if they run

hide in a bankruptcy that it's going to

help them now sometimes there's times

you get backed into a corner and I'm not

gonna yell at you for filing bankruptcy

but I got to tell you the number of

times I have told someone at 57 years

old that they should file for divorce is

almost zero somebody beatin the snot out

of her beating the snot out of her fine

now I've had people tell me they were

filing for divorce and it was a really

messy junky horrible gunky situation and

I understand and I and I'm not mad at

them but I'm not going to tell them to

do that I don't want them later on going

Dave Ramsey told me my friend Dave told

me and the same thing is true about

bankruptcy so at what point should

someone file bankruptcy after you've

done everything else and then some and

then some and then some a lot of times

people have bad debts that are piled up

that they're not even paying on and they

go file bankruptcy

well why you're not paying on them not

paying on them it's not paying on why

don't you just not pay on them for a

while more and see what it turns up

around the corner so you know it's right

there with divorce it's the last thing

you do after you've done every thing

else to turn it around hey guys thanks

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