I'm Drowning In My Second Bankruptcy

starting off this hour is going to be Deanna and Fort Benning Georgia hi Deanna how are you I'm good how are you better than I deserve what's up in your world well um I need some help I am a divorced single mother of three children I do not get child support I have filed half file bankruptcy twice I am in the beginning of a second one filed my first one while I was still married my second one just a little over four months ago and I pay it it includes my car and furniture and minor bills that added up to be a lot of money have about $60,000 in student loan debt that is of course currently in forbearance right now so right now I don't have anything that I'm putting out with the exception of what I pay for my chapter 13 my question is I've actually read your daughter's book and I am in process of listening to smart money smart kids I am trying to I've tried to budget and it hasn't worked yet I did I have not done it three consecutive months as has been suggested but I'm trying to find out where I should start in order for me to not feel like I'm drowning all the time money-wise and what's your household income 32,000 a year from my job and I am a veteran so take home around 2200 a month that is untaxed from that regarding what my VA disability disability okay all right what do you do for a living I am a medical support assistant at the military base okay and how much do you owe on your car I was around $10,000 and how much do you owe on that furniture I was about six thousand you make $32,000 a year and you about $6,000 worth of furniture when you have three kids that years ago before you got divorced yes so this all survived the divorce yes and how long ago were you divorced in 2013 I file it was actually finalized in 2014 two years ago yes okay $6,000 end up with the furniture I mean did he not end up with some of the debt in the divorce he fought the divorce so the agreement was I left with whatever was in my name and he left with what was in his name it was not a healthy relationship well it wouldn't be a healthy relationship if you divorced okay all right huh and you bought the car after the divorce or before after yeah well I think the thing that Sharon and I went through this 20 plus year almost 30 years ago and the thing we had to stop and do say okay how did we get here and and what do we do so that we don't have to live this way anymore because life's too freakin short to be the stressed out right okay so the first thing we realized was is that payments are not our friend mm-hmm borrowing money is not your friend of course and well you say of course but you borrowed a $10,000 to buy a car while you're making 32 well I definitely know it now yeah okay just making sure and I'm not trying to beat you up I'm just trying to say you know you need to really get to the bottom of this thing and do an autopsy on it and go well you know what happened that will cause this patient to die you know and that debt is part of the problem here some of it is surviving from a dysfunctional relationship and ship and turning it around and some of its trying to feed three kids and not making a ton of money right so there's just some reality to your math that's tough to start with but then you've got to be you know every little mistake you make is just magnified because everything's so tight yeah and the interest doesn't give you any wiggle room so um like for instance you have to do a budget you cannot survive if you don't start writing down where your money is going to go and then stick to that you don't have a choice you don't have any wiggle room for goofing up or being disorganized it's too tight okay and it's just you know you've got to be just crazy disciplined with what you're going to write down and we're not doing anything with money except what is on this paper so number one we're not borrowing any more money we may need to sell this car and get it you know to reduce this chapter thirteen what's in the 13 other than the car and the furniture menial small days things like cable bills old electric bills things that like I said from my marriage I know subjectively I'm not going to suggest on the radio that you step out of the thirteen once you're in there because it's too complicated but but I think you're probably going to want to work your way out of that sooner than five years with all you have been through and all you're facing five years of paying chapter 13 payments is an eternity and so I really probably going to get you leave you in that 13 a little while get some little things cleaned up and then we've got to have a plan to get you into a different car and and you know do something different with this furniture it may be settled that furniture bill and then that just leaves you with the student loan mess to get out of so number one is no more debt number two is a tight budget we'll stay in the thirteen for now and work our way through that and then number three is we got to work on your income long-term your career so how old are you I'm 35 okay so what are you going to be doing when you're 45 that pays eighty thousand well that's what I'm trying to figure out right now they looked into real estate mm-hmm as as an option for myself holder your children people they are 14 13 and 11 okay and I have started them on a commission system there's no child support at all over the last year since I've had to order I think I've collected is he military about $500 is he military - he is not okay I was yeah you were and you told me that okay all right so bottom line is is that I you know we need to do something if there's anything you can do short-term to get the end come up it's a heat a thousand dollars a month right now changes your life yeah and mathematically I mean I know that from listening to you then number two long-term what are you gonna be doing 10 20 years from now that makes you a ton more money and you need to start determining that in determining the 16 steps it takes to get there whatever they are and begin to slowly take those steps in the meantime I want to walk with you you're scared and beat up okay I want to have one of our coaches sit down with you I will pay for it and walk with you through this thirteen and help you make the decision to win to step out of that 13 when to get rid of that car and then the second thing is I want you to go through Financial Peace University our nine week class and I'm going to pay for that - Merry Christmas okay thank you very much oh my goodness well you got to go do some stuff different kiddo because what you've been doing is brought you into a mess and we got to help you change direction here this is the Dave Ramsey show hey guys thanks for watching if you enjoyed this video click the subscribe button to get the latest content and check out these other great clips from the show now [Music]

Channel: The Dave Ramsey Show

Views: 182,673

Rating: 4.8278337 out of 5

Keywords: I'm Drowning In My Second Bankruptcy, dave ramsey live, the dave ramsey show, dave ramsey live stream, dave ramsey, bankruptcy, dave ramsey show, debt free scream, drowning, second, dave, ramsey, dave ramsey debt free scream

Id: z1Ad10VlO5Q

Length: 8min 12sec (492 seconds)

Published: Fri Dec 09 2016