Is Bankruptcy My Only Option?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Business, Investing

4.5 • 840 Ratings

🗓️ 28 October 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

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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 just have a question for you. I'm about $850,000 in debt. And my question is, should I file for a chapter 13 or should I just pay you what I can with the income that I have?
0:20.0	I'm using like a snowball fix. I'm not sure. I can with the income that I have.
0:22.3	I'm using like a snowball effect.
0:23.1	I'm not sure.
0:23.7	I don't,
0:28.5	I won't have enough pretty soon here to cover all the loans and credit card bills,
0:30.7	but I can pay what I can.
0:32.9	But I'm just trying to get your opinion on.
0:35.5	Sounds pretty dead-gum scary, kiddo.
0:37.3	Yes.
0:39.8	How much of the $800,000 is a mortgage?
0:43.9	I have a mortgage and a second mortgage.
0:48.0	So it's about $4.90 between those two.
0:49.3	And what's that house worth?
0:54.4	It's worth about $5.50.
0:55.4	Okay.
0:59.5	And so $490 out of $800.
1:03.8	So you got about $300 and some change in non-mortgage debt.
1:05.8	Correct.
1:06.5	On what?
1:07.2	Two cars.
	...

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