Is Bankruptcy Our Only Option?
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- Опубликовано: 10 июн 2024
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"We called 4 bankruptcy lawyers and they told us that bankruptcy is our only option" 🤣🤣🤣🤣🤣🤣
Yeah a lot of people don’t really utilize the logic processing power of their brain.
I asked 4 dogs if they wanted a bone. Each one said yes.
🤣😂🙄
It's like asking a car salesman if you need a new car 😂
@@FirinMahLazer1 I think most dealers actually make more money selling used, but point stands.
They must have reached out to bankruptcy lawyers. Which as Dave says "is like asking a dog if they are hungry".
Sometimes it's just the assumption that it's the only option. There are ways to legally stop wage garnishment to prevent bankruptcy or foreclosure.
@@BadBrad119 RUFF!
The lack of financial education in our society is crazy
True. Kids learn about racism, sexism, and environmentalism (and some of what they learn may even be true). However, no effort is made to teach them basic personal finance.
And they are the first call someone else lucky
It's horrendous how uneducated people are when it comes to math which in turn comes to money.
Then there's those that are math nerds and over complicate the financial game, and for little gains as well
Education starts at home @@tshandy1
It's like that on purpose
I don’t understand why people borrow money but want to find what other options they have that doesn’t involve paying it back. The entitlement of the citizens in this country is insane.
Makes almost $90,000 and can't pay $9,000. Definitely some issues!
Just starting off, 1 year after marriage on a young couple after closing on a property could seem like a impossible hurdle
Most judges wouldn't approve them for bankruptcy because they would fail the means test anyway with an income of $89K and a debt less than $10K
I've seen situations where bankruptcy was truly the only choice. And I've seen situations where people filed just to get rid of like $5,000. Come on. $5,000 can be paid off by just about anybody with a pulse and some income
No, she’s stating her situation incorrectly. They haven’t been garnished, there was no court order. She says they had a bank account garnished, think about that. What court would order a bank account garnished and be fine with the company taking all the money that was in it? That’s not the legal system works. They were contacted by the collection company, threatened with garnishment and gave access to a bank account to pay it down being told they would only take a few hundred and had the whole account drained. They need to wait for the company to file something in court. Statute of limitations on consumer debt in FL is 5 years. How long ago was the car repossessed? 6 years? They might have actually screwed themselves by making a payment on the account now.
@@barnabusdoyle4930courts can garnish accounts and order the bank to pay the money
If dave was on the phone..
"Asking a lawyer if you should file bankruptcy is like asking a dog if he's hungry"
"Offer them 3 grand get it in writing, get a cashiers check"
I could do this job.
He taught us well LOL
Literally anyone could do the job every single call regardless of the situation gets the same advice. “Follow the baby steps”
No way would Dave offer more than the 6 they had.
EXACTLY what I was thinking. Tell them you have 3 grand, get it in writing, no access to your accounts, cashier's check sent registered mail. Done deal.
Oh! And call a day or two before the end of the month, when the cubicle guy is trying to hit a monthly quota.
This is what one High school class should be about Living on your own, my daughter's school had this class and it opened up a lot of young people, understanding how the financial world works, a lot of younger adults weren't taught.
I had a class called Senior Survival back in 2001. We went over everything from resume writing, dressing for job interviews, handling job interviews questions, opening and maintaining a checking account, applying for an apartment, buying a car, how to use kitchen certain appliances safely, how to unclog pipes, basic car maintenance and repairs, how to sew ECT.. The class used to be called "home economics".
Clearly a lot parents don't know these things.@@ericabrown7354
I play Dave Ramsey for my 5yr old granddaughter, no she might not truly listen but with time I hope it helps
If John was on this call he would ask the Caller if she’s safe and Ken would Order Panera Bread for Lunch cuz he is bored with the Call 😂
😂😂
Ken's histrionics are cringy. He would have jumped in before the caller got into any details with "Woah, woah, woah, woah, whoa....hang on. Hang on, now, Becca. Am I hearing this right? We're talking about 3 thousand dollars here? Rachel, I gotta tell ya, this sounds crazy to me. I think Becca has been told there's an easy way out. But hang on, now...because there IS. It's called working an extra job to pay off that 3k, Becca. Becca, am I understanding you correctly? Cuz I gotta say, I.... my ears... I really just can't believe what I'm hearing. Anyway, go ahead.."
@@robloxvids2233 Lol, very well Done 👍 😂
Dave hasn't hired the best people for the show.
Nice! And baloney would ask her when she realized the marriage was over
start at "i can settle now for $3k," then work your way up if they deny it. get it in writing.
With rates climbing like never before in ’24 coupled with uncontrollable inflation, and our own mortgage now above 6.5% what are the best alternatives/strategies for avoiding a crunch and maximize my savings other than moving in to an RV with my husband?
You are not alone we can no longer afford our mortgage, husband wants us to travel or relocate/I am proposing cashing in, walking away and renting while putting the rest in the stock market.
If you have the funds to travel you should be able to afford the mortgage.
We own a few rented apartments but don’t wish to sell them or make the tenants uncomfortable by inflating rents however I am being more cautious than ever with rising costs.
Affordable housing is no longer available so you are a good person to do that for people under your roof. What you want to do I will advise you do it now because the prices you see today will look like dips tomorrow. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
Hi Javier, I will be glad to enlist the services of a reputable one. Pls how do I go about finding and vetting them. We know the value of a fiduciary as we have a family lawyer and he has hinted on it occasionally, so we’ve began to consider the idea.
Oops, a little bit of Ramsey status slipped out there.Rachel says off the cuff sell four t v's. Hey, Rachel most people don't have 4 TV, especially just to sell.
"especially just to sell", she didn't mean four extra TV's, she meant sell your stuff to get money.
It's humbling to see people that really are trying to help others
"should we destroy our life rather than save up 2 more weeks worth of salary" save up the 3 grand and pay off what you owe!
Should have told them to offer 4500 for full payoff. Dont give away all 6 they have.
Offer 3k...not 6
Yup. Don’t even tell them what’s in that account. Just say you are willing to give them a lump sum to settle. Agree to something. Get it in writing. Pay a lawyer to review it to make sure it’s done. Then give them whatever the agreed upon $ is. No bankruptcy needed
Offer $600 bucks
Statute of limitation. It's 5 years in Florida. I would not pay 1 penny to them.
How can Rachel and George not bring that up?
Bankruptcy on 9k?
What kind of lawyers did they talk too.
The statute of limitations is not the issue when a judgment has already been obtained. Most places, once there is a judgment, they can seek collection for between 10 years and forever. I'll bet the judgment was obtained years ago. [Edited to add]- it's 20 years in Florida.
There’s always nuances to statute of limitations issues, but they absolutely need to do explore that possibility. This wouldn’t be the first case of a debt collector over stepping their boundaries
@@James_Hough If the judgement was obtained years ago. They would have already started garnishment on it back then.
@@jimmymcgill6778 Have you worked in debt collection? This is not unusual. The people who originally get the judgment get nothing, so they sell the debt for pennies on the dollar and then the next guy picks up the ball, then the next guy.
Lawyers that wanted their money too. 😂😂😂
Saw these people coming 20 miles away. Probably threw a party after they walked out.
Once the creditors get the garnishment you WILL pay the full amount. To late to negotiate. They can take straight from your check..
Plus they can put a lien on the condo😂
Also, don't send them a personal check!!
Sounds like the lawyers were seeing the green in collecting a fee.
Husband not a very fast learner he's already got another car loan while the previous repo is still in collections. These people don't have a debt problem or an income problem they have a character problem.
Did the lawyer on a billboard on I-4 have a wicked fake smile?
A “people’s” smile.
If the creditor is garnishing their accounts, that means they have already obtained a judgement to collect the debt. Most debts, such as credit cards, have a statute of limitations of 4-7 years, depending on the state. Legal judgements have statute of limitations up to twenty years. So, just because this debt is ten years old doesn't absolve them from responsibility. The creditor probably has very little incentive to settle at this time. That said, cash talks so it wouldn't hurt to make an offer in settlement.
Plus, they've been paying so the statute often is the last date a payment was made.
As someone who used to call for debt, they're right. We were just reading from a script and cold calling a list of names. I was a college student and had no other job options. The most debt I called for was around $1,500. A 20 year old lol. Just pay the debt, it's only $9k, and it gets worse the longer you wait.
Some people destroyed their lives over a few hundred. Don't destroy your credit over $9k. It's sad this guy is allowing his debt to affect them both. I definitely would have separated and left if he refused to pay, I won't let another person screw up my credit. Just like being garnished because of SOMEONE ELSE'S child support. It's not fair to the wife who had no idea until she got a call. How much of my debt is this guy going to stick with me over?
You call a lawyer, they will advise you that you have a case and to put down a deposit, for “your best interest” of course.
I’d start by trying to settle for 6 or even less. Don’t even offer the payment plan until they vehemently refuse. Bankruptcy is insanity.
Wow, that guy got his car repo'd and thought, "Well, they got the car back. I guess that's the end of it."
Once they've gone through all the trouble to garnish your wages, they have very little incentive to settle. All they have to do is wait, and they get paid in full.
Live within your means, pay off debts. That's the way to stay out of this type of awful situation.
After certain amount of years some debt is not collectible. Would this qualify?
Don't pay anything until you do your research. After 7 years the debt cannot be collected. They should ask about who owns the debt. If it is not with the lender he borrowed from, take that to Equifax, Experian, and Transunion to have it removed.
I was thinking the same thing but she probably agreed that she owed the money and asked how do we go about paying it.
I guess I’ll never understand HOW the f*ck a debt can go 10 years without them contacting you before now⁉️🤷♀️🤷♀️⁉️
$6k? I would negotiate down to $1k.
It's absolutely crazy that people making 80k a year don't have 9k in the bank...
Look up the statute of limitations for old debts in your state, it should be canceled after a particular period of time?
You could settle the debt for less than $6k, probably around $2k if your a jerk about it and don’t give in to them but since you have it tell them you only have $5k and keep $1,000 in a separate account so you have an emergency fund. I don’t even think they answered the call correctly.
I wish Dave would have taken this call.
Geez people, pay your damn debts!
People need to take financial classes before they are allowed to do a bankruptcy , so they can change their behavior
You are not giving them access. They have a judgement in line with the banks to take any money. This is not you giving them account information. 😎
Rachel is my favorite. Her face 1:44-1:50 😂😂😂
Talking about negotiating a settlement when they are already garnishing your paychecks makes you look kinda clueless. If they're already garnishing, they ARE getting their money from you. Unless you can convince them that you're going to quit your job and not get another one, why would they ever settle when they can just sit back and let all of the money roll in? Because at that point you have zero choice in the matter and noting to negotiate with!
“I refuse to try” is all I heard.
If I get a car and I made payments on it for a year, something happens, and I fall behind on my payments, and it gets repossessed. I don’t have a car anymore you took it away, and now you’re still garnishing my wages for a car I no longer own. I know what the correct financial decision is but so many people like me get in their feelings about debt like good luck getting this money I’m not paying a dime, but it’s just going to hurt your credit score down the road
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Wow.,
I'm a bit perplexed seeing her been mentioned here also Didn't know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super,
Love that Rachel thinks this lady has a $5,000 couch.
Winston bought her a couch that is made out of diamonds.
They have a court order which is how they took money out of the account without approval. They just need a new court order to do this again. If they have a judgement they absolutely can require the full amount due at this point.
Finally a smart comment! Plus if these 2 own a condo, the creditor can put a lien on the property, they would be crazy to settle. This "advice " is 🗑
I was able pay off around 15k less than 2 years on a single job on my own having rent, car payment etc. feels great so far.
Where's Dave? Even I know from watching this show that a debt that old is not still being held by the original creditor. They sold it long ago for pennies on the dollar to a debt collector. Now the debt collector is trying to get the original amount, which is FAR above what they paid for it. Like 200% profit. No, do not agree to the full amount.
At 10 years old how is this debt actionable, what's the statute of limitations in that state? If there was a judgment against them why wasn't there action taken sooner?
I would dispute the debt on credit karma and cross my fingers and it get dropped off
Credit Karma isn't the score banks even use.
@@johnnymichael1804 there’s 3 of them and credit karma monitors them CK is not a credit bureau this wasn’t about credit bureaus
Statue of limitations is 7 years don't pay it
😂
I'm pretty sure they wouldn't even be allowed to declare bankruptcy over that small an amount.
Find out what the statute of limitations for debt is in the state you live. I think Florida is 5 years for auto loans????
They probably moved around. The debt orgin may not of been florida
What Garnish mean?
just pay the bill. get a personal loan IF it goes that bad. Rachael is correct.
Loan? More interest. No
Exactly why Dave says asking a bankruptcy lawyer if bankruptcy is your only option is like asking a dog if it's hungry 😂
Lawyers just said that because there's is no money in it for them in the case lmao.
Wow, those lawyers were trying to get fees. The collectors and lawyers have them scared. Seems like they could make a deal.
Bankruptcy attorney telling you to file for Bankruptcy?
I can't believe they just told her to pay $6K or even $9K for a decade old loan. They'll settle for $3K.
Dave: They bought that debt for pennies on the dollar. Offer them 4k to settle. Get it writing. Don’t give them access to your accounts; they will clean your butt out! They say no your offer, then they must not want any money.
After 7 years of they haven’t paid anything on it, it should been completely forgiven anyway. He’s dealt with it on his credit for over 7 years. This was supposed to disappear on its own. Bad advice to me. Go to the credit companies and have this removed period! But if you pay something, you’ve renewed the process.
Sorry, but I would call the collection agency and offer 10% up front of the total. $600.00. Take it or leave it.
Only pay in full.
I’m sure they will probably settle for less than $6000. These are just debt collectors working for a company that bought the debt for very little money. Just tell them that all you have is $1500 and start negotiating from there or just ignore them. If this debt is in your husband’s name only, they can’t garnish joint accounts. If you ignore them, they I’ll eventually give up trying to collect.
"You could sell 4 tvs and a couch?" Rachel is certainly out of touch with the regular American. That's why a person who has had to worry about money shouldn't be giving advice about money.
She's just saying it's not a large sum of money...at least not for someone making $89k
Bro. Off the top of my head I paid $2000 for my bed, $900 on a TV, $500 for a lawn mower. That's $3400 right there.
@thedude5040 my bedroom tv alone was 2k...i wish we'd waited but another year😅😅😅😢😢life lesson
It wasn't a good expression, but it was meant to convey how little they need to pay back. filing for bankruptcy is overkill for this situation.
Heck no, offer them 3K to start. They will take less than 9k.
Yall need to have a come to Jesus talk with your finances
I feel like the husband is a bit suspicious regarding this. Fine that the repossesion was 8 years ago but surely he mustve been notified when he was taken to court for the garnishment. I think he kne wabout this and ignored it, failing to tell his wife
I would make the current creditor prove they have a paper trail of ownership to her note. Many don't.
They absolutely do or they would not have even heard of them.
@@hadenanderson563 Not true! They buy up lots of notes in a large group and many have no traceability to the original note and therefore no right to collect on it. Just because they have their contact info doesn't prove anything.
Bankruptcy is not the only option.
If he has 2x kidneys, consider he may only need one.
And I hear payment for regular plasma sales has increased faster than the inflation rate over the last 20-years or so.
They could probably offer up the 5k say take it or leave it, and the creditor would most likely take it, but get an email confirmation, a letter or something in writing that the debt is cancelled after.
You dont need a bankruptcy lawyer to settle $9k.
Also I believe Florida has a $2000 floor on collecting a deficiency, if the collections company is able to get $7k out of the caller and her husband they might not be able to keep going after the last $2k. If I were them I'd try to settle for at the very most $7k. And it's definitely not worth bankrupting over this amount.
Christ my brain hurts
They already have the judgment for garnishment, theyre not gonna settle for less now. Pry just take his tax return for the next 10 years till hes paid up.
They don't just "drain " your bank account because you "gave" it to them. The creditor obtained a judgment that authorized them to recover their money. It's a shame that these so-called experts don't know what they are doing and are giving "advice "
Lawyers just want a cut.
Tell them I got 3k cash send me documents and we will settle….10 years wow did this go to court???
Is that why they started garnishing??
Went to court. He ignored the summons. Judgment on default. Can't garnish without a judgment.
Offer less than 6 offer 4
Its been over 7 years. He shouldn't owe at all.
I love how they make it sound so easy to just make extra money. First of all, if you're broke, you probably don't have a $1000 worth of stuff to sell in the hous. and second of all to make $1500 a month at Uber in some markets is almost impossible. Doing it full-time, let alone a little part-time gig on the side. They are so out of touch with reality. And I love how he said. Oh, it's only $3000, maybe for him, but for a lot of people that's a big deal.
If it's a big deal to you, your life SUCKS.
They just bought a condo for $207,000….
Priorities!!!
They take home 89k.
And just bought a condo lmfao.
Your point holds no weight.
Hi Rachel
I filed Bankruptcy after owing $140K 15 years ago, just in credit cards and personal loans! It was my only option. 15 years later I'm absolutely fine and have a current credit score of 770. I would however absolutely NOT recommend bankruptcy at anything less than 100K!
I wouldn’t offer 6K, I’d offer 4500 😜
If they'll just settle for 6 grand??? Offer 3 grand and negotiate from there. Get it in writing.
Can somebody explain to me how they got a home mortgage no problem when her husband had a car repossessed and several grand in collections? I feel like my underwriter raked me over the damn COALS 5 years ago. Just doesn't make sense...
Probably no longer appeared on his credit report? Therefore, not discoverable by an underwriter.
Isn’t there a statute of limitations on uncollected debt? There is in Georgia, 7 years.
There is but it sounds like the creditor has a judgement, a court order to collect, which means that SOL means nothing.
Lawyers are out to make money from you!! Do not think any different.
Call the collection company. I would offer the collector $1,000.00 and fight like heck until you get a deal.
Her husband should have sorted this
Why is she calling
The husband can ring for his debt and settle this
TF
How the hell did bankruptcy even become a thought in this
If you choose bankruptcy over paying your debt then you just want the easy way out. I think she did not tell all.
Give them 3k. Take it or leave it 😂
My bankrupcy was $4500
Well that was pointless.
lol $9k is nothing for them. Pay it off quick.
Tell them they can have half or nothing since they repoed the car anyways.
They're not even dealing with the original creditor. They are dealing with a debt collector, who bought the debt. This is what people need to be educated on.
@@DoctorSmartyPants good point. They get nothing but the loss they bought.move on from it and educate yourself more.
@@shobull8695 That advice worked when I had a repo. I talked down my $5k deficit to $2k.
lol Rachel's expression is priceless. But sheesh she makes it sound like the people are awful for trying to get the money they are owed.
Do not tell them the wife name. Let them figure that out on their own. Ha Ha ..... These bankruptcy lawyers Suck.
uh how about just pay the 9k ?
Work hard play hard, lets finance the party for $9K 😎 (sarcasm included)