Is Bankruptcy Our Only Option?

[Music] brought to you by the every dooll app start budgeting for free today all right Becca is up next in Orlando Becca how are you doing I'm good thank you thanks for taking my call sure what's going on I'm just checking in um well last week my husband's um bank account was garnished and um we found you guys in the Ramsey Show after trying to figure out what to do and we're just wondering if bankruptcy is our only option or how to proceed o oh gosh Becca what's the situation what's going on um well it was about eight years ago that he had a car repossessed and that was before we were together and he didn't realize that there was further action that needed to be taken at that time um so then last week uh his we had well we just were married a year ago and we finally merged our bank accounts and everything over so thankfully the account that is garnished didn't have anything in it because we combined everything on my side so they try to drain an empty bank account correct so we can still pay our bills because they didn't garnish um our chair account through a different bank um but we don't have enough in savings to um pay for the amount that we believe is ow okay how much is owed um 9,000 $99,000 okay uh how much you guys make how much you guys make a year about 89,000 okay why do you feel like you would be bankrupt I'm just curious why that was part of your question um well he reached out to I think four different lawyers um and they all said that that was our best option and really didn't give us any other option um neither of us even knew what garnishment was so we're trying to soak up as much information and that's why we found you guys we're like let's just listen to as many shows as we can um to see if we can find the answer but um we don't really know what our other options would be um the lawyers seem to think that since we were already garnished that there's no way to um make like a payment plan or or anything like that have you contacted this creditor who's garnishing the bank account uh yes he did okay what did they say um it sounds like they just wanted the full amount due um padly I wasn't on the phone call but um my husband can't be here today um so it sounds like there's a you pay the 9,000 you get it in writing that this is paid in full and this debt is cleared right if we don't have we only have 6,000 um dollars right now uh would we need to pay it all at once that's a question for them if they're willing to settle for six and say hey this was a this all the money we have that happened a decade ago correct yes yes okay so they're happy to get any money at this point yeah for sure Becca yeah bankruptcy this is that is that shouldn't even you don't even need to say that anymore you guys are far I'm shocked that these lawyers told you to bankrupt over three grand this is so stupid no I'm like you could sell four TVs and a couch and get that money if you needed it right I'm like that no you're not going to be bankrupt over three grand is there something else going on that we don't know about like are there other debts and things that you haven't mentioned um I mean we have like the regular stuff on mortgage and um like 1800 in credit card debt and my husband's current car that he owns he has payments left on that what's left on the car loan on the car loan uh the it's the same amount the 9,000 and then we just bought um a small condo um right after we got married so we have the whole mortgage basically left on that and how much is that for uh 207 okay okay yeah well if I were you guys I mean I would contact the Creditor that has this and again it's a 10-year-old credit I mean like it it meaning it's been passed by creditor after creditor and it's been sold and it's here and there I mean it's been on a journey for 10 years um so I if I were you I would call and say I have six grand I'll send you today and if not I can get you the other three in the next 30 days or whatever it is but um I would not give them any more access to any accounts okay that is like number one because they will they'll come in and gar they'll do exactly what they did um but thankfully that was from an old account way to right is there a way to prevent that that's what we I think we were worried about communicating with them more because you just don't give it to them no I would no they don't need any access to any of your personal stuff no so I would I just would not I just wouldn't give it to them and they don't need it so Becca like this this type of situation just so you can picture it and this isn't to down not to downplay these people but this is some guy in a cubicle who's been on the job for 90 days there's so much turn and gets a gets a sheet of paper with credits that have again these these old debts that have been sold from one company to the other to the I like this this is these are not they sound like scary people they're not scary people okay you you can you can do this okay so just don't don't give over and be like oh my gosh you're if we're talking about the IRS or something that's a different story right but in this situation I just I would not be I would not be concerned Becca because you guys work hard you make good money uh you can get this cleaned up really quickly and if they would settle for six Grands that's the only option they have so that's what I would tell them the only thing I can give you right now is six grand that's all I have I can do a payment plan over the next 60 days to get you the other three grand but I don't have any more money this is all I have will you settle and if they say yes just like George said get it in writing have them email you get the name of the person you're talking to get the number get the extension get all record the calls do everything do everything you can to have proof that it has been settled if they will and if they won't then just yeah set up a plan for the next 60 days and then Becca if I were you and your husband in general regardless of this um I would get I would I would work extra I would do a budget I'd cut everything I'd get this credit card paid off get your car loan paid off and you guys will be in a really great position I mean you have a great condo it's worth 200 Grand which is very reasonable for what you guys make and um you guys could be on your way to something great but you got to just change the way you have been looking at money and that's one of the biggest hurdles with this so if you stay on the line Skyler will pick up and I want to give you guys Financial Peace University and every doll premium which is our budgeting app um just to get you guys some of this like basic knowledge since you're new to the show because um we' found over three decades Becca the the best way to to live go through life with your money and this will be the plan it's called the baby steps so I'm I'm excited for you guys to engage this but yeah do not um at all feel like you are bankrupt that you are hopeless this is the one of the easiest Solutions George I feel very hopeful so much absolutely thanks for calling and have your husband watch this call to give him some hope I I think what happens Rachel is people get they get spooked there's these collectors calling them and they're telling them and then the lawyers are telling well you just got to go bankrupt and when you look at the facts on paper you're like we make $90,000 a year we're bringing home $6,000 a month can we come up with $33,000 if we really tried yes yeah and so most people side puzle 00 to two grands in just a side hustle if you had to pick up Uber at night or CRA around the house you can make a th000 bucks in a month right right exactly so there's a lot of Hope here but a lot of people call the show and their first thing is well I got to file bankruptcy and it's those people usually I'm like you're fine yep and so that's what we do here we want to give you guys hope but also the reality that you can get out of this but you know it's like going to the dentist you're like my tooth hurts of course he's going to want to fill the cavity and you know make a little bit of money and that's what happens when you go to these some of these lawyers that are you know there's some great apples out there but there's some bad ones who go Absolutely I'll help you file bankruptcy which also by the way cost thousands of dollars out of your pocket to file bankruptcy to do it yeah yeah it's not free lawyers want to get paid yeah and the the garnishing I mean and that would spook you too right if if you realize oh my gosh this creditor has access to a bank account which thank God it didn't have any money in it but yeah that's so violent like you know what I mean that makes you feel like they are that's scary thing yeah personal privacy there it is it's weird oh oh gosh I'm glad you called Becca I hope that gave you some some peace and a plan that you guys yeah you're going to be able to do this we're excited for you create 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Channel: The Ramsey Show Highlights

Views: 69,916

Keywords: the dave ramsey show, budget money debt cash, real estate, insurance, how to make money, dave ramsey, save, credit card, compound interest, buying house, buy, snowball

Id: Tab4RGlU9_0

Length: 8min 44sec (524 seconds)

Published: Thu Mar 07 2024