My Business Is $580,000 in Debt (File for Bankruptcy?)
The Ramsey Show Highlights
Ramsey Network
4.5 • 839 Ratings
🗓️ 27 January 2026
⏱️ 7 minutes
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| 0:00.0 | Brought to you by the Every Dollar app. Start budgeting for free today. |
| 0:06.0 | Late 2024, you know, I retired from the military, I served for 22 years, and earlier that year, |
| 0:13.0 | I decided to open up like a, kind of like a shop and where we just do like detail services, paint protection film, wraps and things like that. |
| 0:24.4 | And, yeah, it actually cost me a lot of money throughout that year. |
| 0:29.7 | I'm sure. |
| 0:30.1 | How much? |
| 0:30.6 | To the point, well, we're at a point now where we're like, like, $580,000 in debt at this point. |
| 0:42.0 | Okay. That first year we took like a $220,000 loss. |
| 0:46.6 | Admittedly, I think I hired too many people full time. |
| 0:51.3 | Kind of went in too fast and too hard on that. |
| 0:55.9 | Yeah. |
| 0:56.2 | And yeah, it kind of really hurt me. |
| 1:00.6 | So I had to take like an SBA loan to kind of get caught up and used a bunch of credit |
| 1:05.2 | cards. |
| 1:06.3 | And then the year after we netted, so just last year, we netted about 35% net loss. |
| 1:15.6 | So we had another net loss, but it was a better net loss. |
| 1:20.1 | And you're still throwing money at this thing? |
| 1:23.7 | I'm still throwing money at this thing. |
| 1:25.8 | I mean, it seems like you're kind I mean, it seems like you're... Well, it seems like we're kind of like making a way out of that. I mean, what's the stop loss here? A million dollars in debt and then we'll call it quits. I mean, at some point, you just got to go, this ain't it. I would rather pack it up now versus try to, it's like a gambler where they lost |
| 1:46.0 | a bunch of money in Vegas and they go back to go like, well, now I got to win even bigger to get |
| 1:50.3 | out of this mess. Right. That's what I was afraid of. And through this process, I kind of been, |
| 1:56.4 | you know, a free labor. So I haven't been getting paid by my business. On top of that, how are you paying your bills through more debt? |
... |
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