When is it time to file for bankruptcy
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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