Should I File Bankruptcy Or Pay Off $80,000 In Debt?

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29 Responses

  1. B Good says:

    You can settle car repo for pennies on the dollar? Um… No. You hope they'll accept a settlement, but you can't make them accept pennies.

  2. Rondie Rice says:

    Why are struggling working families guilted into paying debt that Corporations and the wealthy walk away from???

  3. Leon Caddick says:

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  5. LectronCircuits says:

    If payoff is five or more years out (and debt is bankruptable), bankruptcy is the most practical option. Cheers!

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  7. Christopher Gray says:

    Dave talking to someone with $90K of debt and a car repo
    "So what you will do is save up a pile of money"
    It's just that easy to save up a pile of money if you're living paycheck to paycheck
    The average American doesn't even have $1000 saved in the bank

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  9. arielnicole1982 says:

    She can definitely get this paid off in 3-5 years!! She just needs to buckle down like crazy with her budget.
    I make 40k a year and I managed to pay off 25k worth of student loans in 10 months. Its difficult, but not impossible.

  10. Holly Wilde says:

    The problem is while you’re getting rid of “mosquitos”, your school debt is accruing $3,000 a year in interest. I put my school loans in income based repayment in 2013 so I could pay off my credit cards first and now my school loans are $11,000 higher than they were when I graduated. I wish I wouldn’t bankrupted credit cards to tackle school debt.

  11. SGL says:

    Dave is not a good listener at all.

  12. Maquez Elizabeth says:

    Expeditetools com saved me from debt .I received over $38,000 from them through their tools.

  13. Med 71 says:

    What Dave doesn’t understand is that when you are in the red every payday you don’t have that 300 to pay off the 300. Easier said than done

  14. Knockout Investing Life says:

    Let's be honest here. She is $80k in the whole with interest accumulating. She makes no substantial payments to any of those debts. She is a single mom with kids to take care of. She makes 40k gross. It's gonna take her a decade to pay off that debt if she is smart and stick to the zero dollar budget plan or else she will live in debt like this for the rest of her life.

  15. Mrs. Chocolate Brown Girl says:

    Lord just let us win the lottery… I'm so sick of everyone in our pockets

  16. Chris Adams says:

    Just pay what you owe

  17. Penguins Are my favorite dinosaur says:

    I have one for you Dave. What number do I call and when

  18. LadyKabukiLovesJesus says:

    Why then is it alright for corporations to file chapter 11 bankruptcy, and a bad idea for this caller? What class are they attending to learn how to handle money appropriately? She could still have 20,000 of the debt discharged, and focus the extra money on paying off the remaining debt. IJS

  19. Jim Nesta says:

    Dave, is that a Pelikan Souveran fountain pen? I used to have an M800 in black/green, a great pen. I have a Waterman Le Man(ca 1992) with a fine nib and black lacquer barrel that I no longer use that you might like.

  20. kevin overholtzer says:

    in her case she should pay the non bankrupt able ones and forget about the ones that are bankrupt able . 40k a year and 62k in debt on things you cant go bankrupt on. As time goes by that she does not pay on the car repo and the loans and cards they will be more willing to settle no one is settling for less until some time has gone by.

  21. Christine C says:

    I can't believe people won't tackle the smallest debt first. It becomes very motivating to pay one off. Then you just keep motivated and you can see the light at the end of the tunnel.

  22. Thomas Haas says:

    Why not file the Chapter 7 and knock out what you can?

    That wipes out $18,000…its far better than nothing at all!

    Sure, the banks will get screwed out of $18,000 but I have NO sympathy for them, and I don't know why anybody else would either because you best believe they won't hesitate to slam YOU or HER or I with fees for anything they can…so f**k them!!! They charge you just for borrowing the money in the first place via interest. Which is fine, but to an extent…not to such a degree where over the life of the loan you end up paying 3x the original amount… Ever notice how THEIR lobby almost ALWAYS looks better than YOUR living room and their offices are often larger than your whole home? Like…skyscrapers? Well…THAT'S how they do it!

    If she files Chapter 7 and wipes out that $18,000, shes now down to $62,000 which she can either pay down entirely OR settle the debts for a large lump sum at once but at a reduced amount. I'm cleaning up right now and anybody that won't settle for 50% or less will be LAST to be paid, and I will take my sweet ass time paying them, too! Without a reduced settlement, I have absolutely no incentive whatsoever to accelerate my payments…they'll get the spare money leftover at the end of the month…screw them!

  23. Arkansas Smith says:

    Welfare Queen……smh

  24. j.t. smith says:

    Amazing that Dave Ramsey filed bankruptcy

  25. LectronCircuits says:

    Leaving the country with no forwarding address could be your best option. Cheers!

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  27. acfalle54 says:

    Would Dave have this lady save $1000 before she starts paying things off? Maybe, for the sake of airtime, he just skipped saying it…

  28. Mathgasm says:

    40k a year just eat rice and beans and pay it off.

  29. Justmylukc says:

    is everydollardotcom the same as mintdotcom

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