"I'm 25 and Owe $156,000 (File Bankruptcy?)"

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 27 March 2025

⏱️ 9 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.
0:06.6	I've racked up about $156,000 in business debt, and I've kind of been contemplating bankruptcy,
0:17.0	and I didn't know if maybe you thought I should or maybe had other advice or options.
0:25.1	Wow.
0:25.8	I'm sorry.
0:26.6	It's scary, isn't it?
0:28.7	Yeah.
0:29.9	Are you married?
0:32.5	No.
0:33.2	Okay.
0:33.9	How old are you?
0:35.8	25.
0:36.6	Okay.
0:43.4	And what do you owe the business debt on? What kind of debt is this? Credit cards or vendors?
0:50.4	So about, so 30,500 is vendors.
0:58.8	$55,000 is, I was dumb and took out a merchant cash advance.
1:04.8	And then I owe my parents like $65,000.
1:07.3	Okay.
1:12.9	And then another vendor, vendor, 7250.
1:15.4	7250?
1:17.3	Yes, sir.
1:17.7	Okay.
	...

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