I'm $142,000 in Debt and Thinking About Bankruptcy

The Ramsey Show Highlights

Ramsey Network

Investing, Self-improvement, Education, Business

4.5 • 840 Ratings

🗓️ 10 February 2026

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Every Dollar app.
0:04.3	Start budgeting for free today.
0:06.2	Between my wife and I have about 142K in consumer debt.
0:13.0	And a huge fork in the road right now.
0:16.2	I've got a toddler and a kid on the way to do this summer.
0:20.8	So very precarious situation and just trying to
0:26.6	decide if I should do a single filing for a chapter 7 or go another route. I really don't
0:32.6	want to do chapter 7, but if I have to, if it makes the most sense, I will, but I thought I would
0:39.0	call you guys for advice first. Well, how much money do you guys earn? Well, um, right now we
0:48.1	only make about 78 total, which is well below the median. Okay. The median what?
0:53.8	Like off median income, median household well below the median. Okay. The median what?
0:58.6	Median income, median household income for my area.
1:00.4	Well, who cares about that?
1:01.9	Is that both of you working? That's not the reason you guys are in this situation, Austin.
1:05.8	Yeah, I agree.
1:06.7	The median is like, what, $79, 80?
1:08.9	Okay.
1:09.8	You're two grand short of the median.
1:11.7	The problem is we're $142,000 in consumer debt.
1:15.6	So break this down for me so we can see if there's a way out of this faster.
1:21.4	Yep, so myself, I have $72 to my name and then another well it's actually a hundred
1:29.8	eighty one thousand if you include student loans but tell us some
	...

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