He's Behind On His Bills and Wanting to File For Bankruptcy

The Ramsey Show

Ramsey Network

Business, Education, Investing, Self-improvement

4.6 • 36.7K Ratings

🗓️ 13 November 2025

⏱️ 126 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today.
0:13.7	Normal is broke and common sense is weird. So we're here to help you transform your life.
0:19.7	From the Ramsey Network and the Fairwinds Credit Union Studio, this is The Ramsey Show.
0:24.5	I'm George Camel, joined by Ramsey Personality, Jade Warshaw, and it's open phones at AAA 825-5-2-2-25.
0:33.5	John is going to kick us off in Indianapolis.
0:35.6	What's going on, John?
0:38.1	Hey, how you doing? My name is John. We got that part.
0:43.2	I'm sorry. I want to know should I file bankruptcy? And if not, how do I get out of debt?
0:50.1	Wow. John, tell us what's got you feeling like bankruptcy is your only option. Tell me,
0:56.0	tell us your debt. Tell us your income. So, um, the debt that me and my wife's is in is
1:02.2	$30,000. My income is close to $3,500 a month. My wife's income is close to $2,000 a month.
1:09.7	She just now started back working. Okay. Good. So you're bringing in $5,500 a month? That's your take-home pay? Yes. Okay. Good. So is it possible if you said she's just started back working, is it because she just had a baby? Yes, of course. Okay. So I'm feeling like you might have been in a really, really tight season because she wasn't working and bringing in the money, and now she's back to working.
1:33.1	So has there been a little bit more breathing room since she's been back working?
1:38.1	Yes, it has.
1:39.0	It really has.
1:39.9	Okay, that's good.
1:40.8	So the good news is, you know, I was expecting you to say we have, you know,
1:45.9	$290,000 of debt or $490, you know, but the $30,000, when I hear that, I go, oh, we can do that,
1:53.0	George. This is a solvable math problem. Yeah. What kind of debt is the 30? Break it down for us.
1:58.4	All right. So most of it is personal loans. Um, being, um, being brought up or
2:03.4	being gotten the time that she wasn't working. Um, and also because I have two other children
2:09.6	on child, I'm on child support. Okay. So the time when I have them, um, it was tough. I didn't want
	...

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