Should I file bankruptcy on debt from 6 years ago? Or do the Dave Ramsey Plan?
I have a mortgage, 2 cars, as well as a little credit label debt totaling around 0,000. Should we record failure upon this debt, or is it possibly to do a Dave Ramsey devise to discharge debt.
There are 3 suggestions to question “Should I file bankruptcy on debt from 6 years ago? Or do the Dave Ramsey Plan?”
Well… if you want to keep the house and the cars that aren’t paid off yet…. then stick with Dave Ramsey.
A bankruptcy will clear you of any unsecured debt (credit cards, medical bills) but it doesn’t wipe out your car loans or mortgage and lets you keep the house and cars.
Those are secured loans and that means they will take the cars and foreclose on the house.
How much of your $230K is credit card debt? Because if it isn’t a significant amount then you will have problems qualifying for a chapter 7 anyway. Cut up the cards and stick with Dave Ramsey.
Stick with Dave Ramsey, cut your spending and see what you can do to earn more. Look to see if you really need 2 cars – getting rid of one would cut your motoring expenses considerably.
Filing bankruptcy messes your credit and your future options for a very very long time. Fixing your problems (the Dave Ramsey way or any other proven way) lets you keep your head high with integrity. The main part of your total debt is probably the mortgage. It likely has the lowest interest rate, so work on repaying the other debts that cost you more. Pay off the credit card – there, your money is going into a bottomless pit. Credit cards are a liability unless you can pay them off each month in full. Any other use is a fool’s game.
When you get rid ot all the other debts, work on paying extra off your mortgage. I cleared mine much faster by paying weekly instead of monthly. Banks may be reluctant because it means a bit more work for them, but if you stick your guns they will accept it, and you will save a bundle in the end.
I got paid off all my debt on my own. I didn’t have any magical formula, just persistence and determination. You can do it too.
Good luck !!!!
Depends on your moral beliefs. If you feel you should pay it all back then yes do the Dave Ramsey plan.
If not, then just wait one more year and the statute of limitations will run out on the debt, and you can just walk away, without bankruptcy.
Well… if you want to keep the house and the cars that aren’t paid off yet…. then stick with Dave Ramsey.
A bankruptcy will clear you of any unsecured debt (credit cards, medical bills) but it doesn’t wipe out your car loans or mortgage and lets you keep the house and cars.
Those are secured loans and that means they will take the cars and foreclose on the house.
How much of your $230K is credit card debt? Because if it isn’t a significant amount then you will have problems qualifying for a chapter 7 anyway. Cut up the cards and stick with Dave Ramsey.
Stick with Dave Ramsey, cut your spending and see what you can do to earn more. Look to see if you really need 2 cars – getting rid of one would cut your motoring expenses considerably.
Filing bankruptcy messes your credit and your future options for a very very long time. Fixing your problems (the Dave Ramsey way or any other proven way) lets you keep your head high with integrity. The main part of your total debt is probably the mortgage. It likely has the lowest interest rate, so work on repaying the other debts that cost you more. Pay off the credit card – there, your money is going into a bottomless pit. Credit cards are a liability unless you can pay them off each month in full. Any other use is a fool’s game.
When you get rid ot all the other debts, work on paying extra off your mortgage. I cleared mine much faster by paying weekly instead of monthly. Banks may be reluctant because it means a bit more work for them, but if you stick your guns they will accept it, and you will save a bundle in the end.
I got paid off all my debt on my own. I didn’t have any magical formula, just persistence and determination. You can do it too.
Good luck !!!!
Depends on your moral beliefs. If you feel you should pay it all back then yes do the Dave Ramsey plan.
If not, then just wait one more year and the statute of limitations will run out on the debt, and you can just walk away, without bankruptcy.