A Bankruptcy Lawyer’s Take on Dave Ramsey


https://www.youtube.com/embed/2ea5MxdEFuc everybody John Skiba here from the consumer warrior task and from the Arizona consumer law group and in today'' s video I wanted to talk a little bit about bankruptcy and Dave Ramsey and you know somebody who deals with financial obligation and people'' s debt problems all day long I typically get asked what I consider Dave Ramsey and people really believe that there'' s some kind of stress in between the Dave Ramsey technique to handling debt and the way the insolvency lawyers handle that and a lot of people are surprised to hear I'' m a huge advocate of Dave Ramsey I actually have a lot of his books all over my workplace since I believe that it is a terrific way to handle it and I can inform you that Dave Ramsey and his business they really used to provide some credit counseling classes that accompanied the insolvency procedure when an individual declare personal bankruptcy they need to require to credit therapy classes one prior to they submit for personal bankruptcy and one after and Dave'' s business offered the course that individuals completed after they applied for bankruptcy that gave some tips and techniques on how to avoid of debt moving forward and sort of a spotted she was type of interesting they wouldn'' t offer the classes prior to insolvency because they felt that was irregular with the message that Dave preaches on the radio which is to attempt to prevent personal bankruptcy if you can if it'' s all possible and as part of for being a service provider of his courses in fact once a year he had a conference of figure out in Tennessee in Nashville at his headquarters where all these bankruptcy lawyers they utilized his courses would be available in and he would speak with them and offer training and various concepts on organisation management and it was actually cool because we got to return to and see how the entire Dave Ramsey head office works we got to see him do a radio show live and he even had a supper that he held at his house Nashville which was actually cool since I got to go there we'' re having supper with him and remember standing apart on his back porch just talking today Ramsey about his radio program and you know of course was being a lot of bankruptcy attorneys there the conversation turned up the other individual you know is he anti personal bankruptcy and I don'' t think that he is anti personal bankruptcy and I obviously I put on'' t promote him but his thought was appearance sometimes it is needed for people to file for personal bankruptcy here'' s a picture that ' s a me and Dave out of the headquarters but you know what his thoughts were is look personal bankruptcy for a lot of people is the very first alternative it'' s the first thing they think of when they desire to get out of financial obligation when there ' s other methods you can leave financial obligation particularly through like the Financial Peace University and some of the various you understand the financial obligation snowball things like that he is an advocate of and I'' m in an arrangement with that the personal bankruptcy is not a great fit for everybody it'' s not an excellent suitable for a great deal of individuals there ' s a lot of other reasons even besides the reality that there'' s programs like Dave Ramsey program the Financial Peace University which I'' ve taken that class by the method like I stated it'' s something where I attempt to instill a lot of those things not only to my own life but into assisting clients who are handling debt issues but there are certain times when insolvency is essential and I think even Dave Ramsey'' s concur with this due to the fact that a lot of individuals understand Dave submitted personal bankruptcy himself when he had and was a young male lost his business and he related that story to us when we were back there in Nashville and the story was that you know he had actually lost his company he owed millions of dollars and he had actually done his extremely best of pay everyone back and he in fact made extraordinary development paying back countless dollars but that whatever was truly leveraged and you understand Aldi protected financial obligations and one of the financial institutions was threatening to repossess a few of the furniture that they had in their home therefore he ended up having to apply for bankruptcy to stop that because once somebody filed for insolvency it stops collections it stops repossession of cars and trucks or foreclosure of houses or taking of furnishings or you understand any of those things so that'' s why he did it since he had to stop it because the creditors had actually sued him they got judgments and now they were trying to impose on properties and reclaim things which is truly the scenario where I see where insolvency makes sense for the majority of people one of the locations is when there is an emergency when there'' s a foreclosure sale that ' s pending when your car is going to get repossessed if your wages are being garnished and you can even buy groceries because it'' s making things so tight insolvency is really effective then due to the fact that it stops the collections it stops the garnishment stops the foreclosure sale stops the foreclosure and offers you some breathing time to kind of decide what it is that you desire to do you understand you can finish the insolvency and get rid of the financial obligations possibly a chapter 13 bankruptcy where you'' re restructuring things so that you can pay less but still pay something towards your lenders that'' s probably the number one area where I see where insolvency is a requirement is if things have gotten that far 2nd method is if there really is simply a realistic alternative for payment and I see this a lot with medical expenses individuals who come in have simply numerous thousands of dollars of medical bills I see it when there was a company that'' s collapsed where a service had a great deal of credit lines and they were personally ensured and there'' s just simply no way based upon the earnings level that those individuals have that they are ever going to have the ability to get out of that situation in those types of situations insolvency can make a fair bit of sense so certainly a big fan of Dave Ramsey Dave Ramsey show listen to it my spouse'' s a huge fan we ' ve been to Financial Peace University but I do think and I believe Dave would concur that there are situations where certainly it is required it simply doesn'' t need to personal bankruptcy doesn ' t need to be the primary step that individuals take that impair their options and I spoke about those alternatives in my office so I understood with individuals for assessments we discussed bankruptcy options however we likewise review the non bankruptcy alternatives that are out there among which being you know Total Money Makeover here with Dave Ramsey so if you wish to discover more about some of the method that we require to dealing with debt and financial obligation problems you can go to consumer warrior comm that'' s where we have many posts and hundreds of video that I'' ve done there ' s an audio podcast and provide you some info on how to deal with personal bankruptcy debt settlement we even handle financial obligation in claims which impacts a great deal of families again customer warrior calm thanks for watchingAs found on YouTube – Creative Commons License