Why Filing For Bankruptcy Could Be Your Best Financial Decision
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- Опубликовано: 7 апр 2024
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Chelsea sits down with Kaitlyn Walker to talk about financial abuse, being totally broke, and why bankruptcy was her best financial decision.
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Thank you again for letting me share my story with you Chelsea. I appreciate you and this channel so much.
Thank you so much for sharing it with us, you were a pleasure to talk to!!
Thank you for sharing your experience with us- :-)
You were just wonderful to listen to, and brought back so many memories of my twenties. I wouldn't wish parts of my financial past on anyone, but I think in a way it made me really focus on digging myself out of a hole and becoming a responsible adult earlier than I might have. I wish you and your family every success in life.
Yes thank you for sharing, it was so nice to hear your perspective and thoughts on such a loaded topic!
You have such a wonderful energy to watch and listen to - thanks so much for sharing!
I’ve never understood why Financial planning wouldn’t be taken more seriously by most people. It is an intricate process that necessitates not only strategic foresight but also expert guidance. It’s vital to align ourselves with seasoned financial advisors who can steer our decisions towards optimal growth.
I see where you’re coming from and I wonder the same myself.
I have just recently engaged with a Top Tier financial advisor to checkmate my short and Long term investments and basically all my financial decisions. His unique approach has significantly impacted my financial trajectory.
I’m curious to know, what have your startup gains been like??
A few days after I came in touch with my financial advisor, with a startup of 100 k, he chose the entry command of my portfolio which has grown to almost 1.1US million in few months.
That’s remarkable! How did you come across this Financial Advisor and what does his platform entail.
Hi! My father has been a bankruptcy attorney for over 40 years and I've been lucky to work for him for almost a decade now. Great episode and I'd like to add some clarifications.
- ch.13 pays back a portion of your debt interest free (some plans pay 100% of the debt, but not all)
- Right now student loans can be discharged within bankruptcy through an adversary proceeding
- bankruptcy stays on your credit report for 10 years, some loan applications may ask you if you've ever filed for bankruptcy, but it is not considered an absolute permanent mark
- many people who file bankruptcy can rebuild their credit and get small loans within 3-5 years
- ch.7 does not absolutely mean assets being repossessed. There are calculations which take into consideration equity that can be protected. Some people are able to keep their homes and cars even in ch.7
Thank you for this episode! Such a misunderstood topic that was originally designed to be rehabilitative! Of course bankruptcy may not be the best option for everyone, but a good way to calculate if it may be an option for you is if your debt exceeds 20% of your gross income.
I'm finishing up my bankruptcy this month. It's not as difficult as I expected. Also, my bankruptcy attorney has been POPPIN OFF about how messed up our government is for leaving us to suffer in the post-covid economy, and the whole time you're going through bankruptcy the process consistently blames you for it. She calls it "gaslighting by people who've never had to pay a bill or actually participate in the post-covid economy"
I’ve always enjoyed the Financial Confessions but I’m loving the interviews with everyday people!
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?
As a beginner, it's essential for you to have a mentor that is verified by finra and SEC to keep you accountable. I'm guided by a widely known financial consultant Stacey Macken
Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 12 grand weekly and this has improved my financial life
YES! that's exactly her name (Stacey Macken) I watched her interview on CNN News and so many people recommended her trading skills, she's an expert and I'm just starting with her....From Brisbane Australia
This Woman has really change the life of many people from different countries and am a testimony of her trading platform .
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
23:16 I think another huge piece missing here (re: people who “voluntarily” get into trouble with personal finance) is the power dynamic differential. People with more credit card debt than they can handle fell into a trap laid for them by credit card companies. It’s not a moral failing of the individual, it’s a failure to mitigate credit risk by institutions whose sole purpose is to evaluate credit risk. File bankruptcy if it makes sense for you, and if you find yourself upset at the specter of people “gaming the system” then channel that anger into pushing for reform of the credit industry.
Yes. It is the job of credit card companies to do everything they can to convince consumers to use credit, especially people with bad credit histories (can charge high interest and fees). If they don’t do this, they’re failing their duty to shareholders to maximize revenue. Basically, their success means many people are in deep debt. What’s astonishing is how few negative-net-worth people actually file for bankruptcy.
@@jessamineprice5803 Perhaps because they are trying like hell to pay their creditors.....many of them who are counting on you ( the debtor) to pay them back!
yes it is SOOOOO predatory!
This episode was really empowering! Thanks for interviewing regular people this season.
I live with an attorney and he said bankruptcy is often the best move but shame keeps people from doing it...instead they will continue to bleed money into paying a debt that they will never be able to pay and will probably be forced into bankruptcy anyway- thereby wasting even more money.
what a despicable thing to do to a child that you were supposed to raise.
I declare bankruptcyyyy
- Michael J. Scott
Sorry.. I had to do it😅
i just wanted you to know that you can’t just say the word “bankruptcy” and expect anything to happen
LOL
when you don't have anything they can't take anything, Trump bankcrupt 6 times. Think about it.
I’m horrified at your story and impressed by how you recovered and got to a better place. But on a trivial note, my husband was a sheet metal worker too! I’d never heard of anyone else outside of him and his coworkers
Thank you, Kaitlin, for being so open and transparent about this!
I'm filing now. It hasn't even officially started and I already feel the benefits. By not paying my minimum debt payments I've already saved $5 several times in various late fees. I was able to save on buying 2 for $7 milk instead of $4.47 each and having to make more frequent and smaller grocery shopping trips. I can make better long term decisions. I can imagine a future where I can do normal adult things like get a drivers license, which helps me feel less like a helpless child as a trauma survivor.
It has confirmed I'm not a lazy, irresponsible, [insert endless negative adjectives] person for not pulling myself up by the bootstraps to work my way out of debt I got years ago due to undiagnosed ADHD and CPTSD. Turns out in the right circumstances and without the systemic, costly trap of debt, I have decent qualities.
What a fascinating and relatable story. Amazing to hear how she’s built up to a stable life from such a rock-bottom situation. Thank you for sharing!
This was one of my favourite interviews ever! Thank you, Chelsea and Team; it's so wonderful how you've taken veiwer feedback to bring on folks with extremely relatable and helpful lived experiences. This was so insightful and I feel really thankful to have learned more about how to also find ways to remove the shame in financial decisions, like bankruptcy, that still carry a lot of social stigma. Big thanks to Kaitlyn for being so open and so inspiring!
You're so brave, Kaitlin. Thank you for telling your story.
This was super interesting to listen to. I work for a social services agency, and it’s so nice to hear someone’s story who came from nothing and learned how to manage. 👏
I applaud Kaitlin for sharing her story in such an honest and helpful way. As someone who can relate to her family background and journey this interview will inspire and encourage so many.
I just finished my bankruptcy two weeks ago. I'm thankful and I ran up $300,000!! chapter 7. all gone. starting may 2024 I start fresh
Yep, I did it 10 years ago and never looked back debt free.
Leaving others to pick of the pieces of your irresponsibility ......hope you paid dearly for it
@@MsCardio1 🤑
@@MsCardio1 What would be really irresponsible is leaving your secured debts to your estate for your children to take care of because you spent 40+ years overwhelmed with unsecured debt and couldn't appropriately handle the secured. In most cases bankruptcy is the most responsible choice someone can make rather than allowing debts to be passed to collections, IRS debt to pile up, and other judgements, lawsuits, wage garnishments, and sheriff sales to proceed
@@MsCardio1 cry about it lol
@@MsCardio1 yea its not the predatory lenders fault at all. You make me sick.
this was wonderful to watch, Kaitlyn seems like a lovely person and the discussions were so comfortingly sane.
I just sent this episode to my little sister. Her story is eerily similar, if not more dire. Her father is putting her in a position to be in deep debt before she’s even 21. I hope this can help get through to her before it’s too late 😢
This was a beautiful and resonating episode! Thank you Kaitlyn!
Thank you for sharing your story, Kaitlin! It was so informative.
Kaitlyn, I love your outlook and advice so much. I feel like I could get a coffee with you and talk for hours. Thank you for sharing your story and wisdom!!
I've been a subscriber for a while and have been considering bankruptcy and I literally said last week, I wish TFD would do an episode on bankruptcy and woke up to this!! Thanks so much, such a great and timely episode.
This is the best episode of The Financial Diet I've seen.
Kaitlyn is amazing. What a work ethic, and healthy approach to life and finance.
Loved this conversation and Kaitlyn's perspective!
She is such a joy to listen to. Made me smile and, wow, very impressive! Thank you for having her on the podcast.
This was so refreshing!
Thank you for this great episode! One of the best you have on this channel, and I have enormous respect for how this guest encourages others through her example to do whatever they can to recover from a bad financial situation.
Loved this one!
Glad to see this video! there is so much stigma around bankruptcy
This may be my favorite episode so far! ❤
Kaitlyn seems like such a down to earth person, thank you for sharing your story and helping de-stigmatize bankruptcy
I really enjoyed your guest. It definitely offers a unique perspective to better understand others.
But if your parents know your information such as ur social and birth date, what stopping them from doing it again in the future? Or How do you stop them.
By monitoring your credit report and reporting activity you didn’t initiate as fraud.
Lock your credit with the reporting agencies. They will contact you if someone is trying to apply for credit in your name.
I did it in 2019 and it was the best thing ever.
Loving this conversation! I am heading toward bankruptcy and documenting the process on my RUclips channel.
The audio for Chelsie seemed low on this one. I had to turn the volume WAY up to hear her even compared to the guest.
Love the content and guest though! Great topic and interesting story.
Chelsea, I appreciate how you remained serious and not joined in on her moments of laughter.
I am just loving this season. I always have enjoyed TFC, but the "normal" people stories are so interesting, and provide such an important point of view that is so often missed (cough that awful channel where the dude thinks he is a millienial version of Dave Ramsey and yells at "guests" who are really actors being paid to make up outlandish stories cough)
Interesting!
She's super cool!
I’m half way through so bear with me if they discuss it later - I did worry slightly about the following aspects when she said she’d severed the financial relationship but not the emotional one…Naturally I don’t know (and neither does she apparently) what her parents’ financial situation is - so the obvious question to me becomes: what happens as they enter retirement/become frankly unable to work? I expect they won’t have done much (if any) retirement planning. She seems like a nice person who is unlikely to let them sink (should they become old/sick/frail) and therefore there is potentially that risk coming up (if it’s not the current situation).
Nice
I'm seriously considering it, but I'm in a bad place financially(looking for work, will likely need credit for grad school, and am being kicked out by people I'm couch surfing with) and I'm worried my savings in my ABLE account will be yoinked because it's all I have. I'm worried that a recentish bankruptcy will make it difficult to get a job that uses my degree.
It would be a great idea for you to call a bankruptcy attorney and get that consultation. They would be able to answer all your questions and if you decide to move forward you can get the ball rolling that day.
Please encourage folks to reach out to churches for help! Churches ARE part of the safety net in the United States. Thank you for sharing your story with us❤
I know I'm a subscriber but somehow this feels like a targeted attack by the algorithm.
Thank you for sharing
Tip for you TFD: contact Gateway women. Those are women who wanted to have a child but for some reason could not. That reason could be biological or because they didn't meet the right person. But I think there might be a lot of people who decided not to have a baby because of their financial situation
Why was her Father's work vehicle uninsured? Or perhaps he was the only one authorized to drive it and that was the issue.
Was a hoopty cheap point a to point b work car since his job was a really dirty one he didn’t want to mess up the nicer car. Brakes went out while I was driving.
@@ktxx22 Along with identity theft, it was irresponsible for your parents to not have insurance on a vehicle that was in use. It also doesn't sound like it was being maintained either. Someone could have been killed.
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life
You're right, with my current crpyto portfolio made from my investments with my personal financial advisor Stacey Macken , I totally agree with you
Yes I'm familiar with her, Stacey Macken demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
YES! that's exactly her name (Stacey Macken) I watched her interview on CNN News and so many people recommended highly about her and her trading skills, she's an expert and I'm just starting with her....From Brisbane Australia
This Woman has really change the life of many people from different countries and am a testimony of her trading platform .
Retirement took a toll on my finances, but with my involvement in the digital market, 27thousand weekly returns has been life changing.
She should talk to her parents about their money because she still has a relationship with them and when they get older and have nothing, seeing them destitute might change her tune. So she should definitely address it so they don't surprise her in the future. One thing is seeing them now when they might be able to keep it moving by scrapping but when those backs give out... Also, I admire her desire to have children and am glad that it worked out with her husband but am more glad for the kids. I grew up with a single mother and all I saw that women was work and till this day, all I see that women do is work. I don't even care we didn't much but the effects of seeing her so tired I once didn't recognized her tired face on the bus still linger and always will. For the parents it's probably worth it because the kid is already there and saying differently is taboo but you better bet the kids will grow up thinking otherwise.
I overall like this podcast, but I feel like Chelsea tries to put her own opinions in the other guest's mouths to push her narrative, rather than letting them tell their truth. Does anyone else agree?
Based I should declare bankruptcy after going to Dubai and spending 35k
planning expensive trips or shopping sprees when you plan to file a bankruptcy right after is considered fraud and can lead to prison.
@@saraa.9860 True
Maybe this is an unpopular opinion , but being on the other side of this issue, this is outrageous to think about, That someone Can get rid of their financial responsibility to other human beings so easily just by filing bankruptcy.
As someone with a disability who got hit by a car driven by a lady without insurance. I was in college and ended up being financially responsible for replacing my very expensive electric wheelchair and on top of that all the medical bills resulting from the accident. people who are not financially capable/responsible enough to get insurance that covers damage to others, should not be allowed on the road.
filing for bankruptcy should not get people Scot-free from their financial obligation to other people. It is unfair to the people that have to shoulder the financial burden of someone else’s bad choices on top of everything else in their lives, especially when they were recipients of damage in the first place.
Imma spend my money how ever tf I want! Whatever whatever, I do what I want!
She comes off untrustworthy. I feel so bad for the individuals who were affected in the car accident. They might be now in a similar situation because of her and her family’s selfishness.
I’m all for bankruptcy as a choice, but this story is too irresponsible for me for me from too many adults under the same roof.
All of us begin from a position of irresponsibility, and if we don’t have the benefit of education we can only learn through hard experience.
It may not be a ‘perfect’ story, but there’s lots to be learned from it. There’s no benefit to us pretending that situations of abuse and debt like this don’t happen.
She doesn’t come off untrustworthy. That story occurred like 20 years ago. Your insurance covers your accident and medical expenses, and then in the event someone else is at fault, the insurance would be who sued her and she owed the debt to. It would not impact the other party in the accident financially that she owed their insurance company and not them. And if an insurance company ever does try to offload the costs onto you in an accident where you’re found not at fault, you could sue the hell out of them and would easily win as it is that car insurance serves literally no other function.
Also in another comment she expanded that it was her dad’s old car that was not maintained. The brakes didn’t work and that caused the accident. So at the barest minimum, be glad no one died, and a step above that bare minimum genuinely consider when you described her as selfish if the broke teenager would’ve chosen to knowingly drive in something that could have killed her. If anything, that would be more the fault on the parents as she was the kid, which I’m not 100% blaming them for bc how would anyone know when brakes will randomly stop. But also, you should consider giving people more grace before casting huge character judgements. If you had listened to the rest of the podcast, she learned how to become a responsible adult and financially sound, which cannot be said for everyone and cannot be understated how difficult that is with less resources, tools, and guidance.
Filing bankruptcy is also not a moral failing. We don’t have debtor’s prisons either and it’s not a crime
@@uchewb3 thank you for your insightful and fair comments. My response to that comment would have been a lot harsher 😊
The whole interview is uummmmm uuuu aaaahhhh uuuummmmmm uummmm uuuummmmmm. Learn how to talk properly
This was such an enlightening interview. Thank you to Kaitlyn for sharing her story of her financial journey.
Bankruptcy is not your best option.👨🏽🦽
I’m curious: did you actually listen at all? Or just pulled a comment out of your….garbage basket?
Bankruptcy was her best option. Gee your President Donald Trump has filed for Bankruptcy 6 times. But hay its ok for the rich , but god forbid for the poor.
In some situations, it can be. Not many situations, but some.
Whoa… that is ABUSE 🫨
And illegal. Her mother committed actual crimes.