I’m $230,000 in Debt, Should I File for Bankruptcy?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 25 July 2025

⏱️ 8 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.
0:06.0	I'm trying to see if it's worth me possibly filing bankruptcy or just really grind it out and just keep paying debt.
0:16.0	Give us the 411.
0:19.0	So I make $142,000 a year.
0:22.6	I'm a single parent.
0:25.2	My credit cards are about $100,000.
0:30.2	I took out a home equity line of $125 to build a guest house in my backyard.
0:41.6	My mortgage is about 4,800.
0:47.1	I try to keep my savings between 9,000 and 12,000 because I'm terrified of going below that number.
0:57.0	What's it at now?
0:58.0	Now I'm at 10, and I get paid in a couple days.
1:02.0	What's your average paycheck?
1:05.0	With 142 a year, it's about 12,000 a month, 11 something.
1:11.3	Oh, that's your take-home pay is 142.
1:14.4	Oh, no, that's my salary.
1:16.6	So take-home after pension and insurance, I net probably about 9,000.
1:25.5	Okay.
1:26.7	And your mortgage is a lot.
1:28.7	Almost half of that.
1:30.9	Over half of that.
1:32.3	Yeah.
1:32.6	What's going on there?
	...

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