$65,000 in Debt And My Business Crashed!

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“Is the dave ramsey show. We re talking with sean in huntsville got a landscaping landscaping in lawn care business. That s wrapping up for summer. And he s going close it down and get a job they re behind on everything we ve got a thousand dollar rent nine hundred dollars were the car payments he s trying to figure out whether bankruptcy or breaking leases or what s up next is thing well.

That s how far we got in the discussion is that a fair summary. What you told me so far. It is okay all right when i have an elephant sitting in front of me i have to decide how i m going to eat the elephant and that s what you ve got you ve got an overwhelming situation. It s a chance huge it s a huge huge mess and so where do we start.

And if you don t figure out where to start you won t ever start and what we figured out and working with these situations and i ve been right where you are it s scariest crud. How many kids have you got three okay how old are you 29. Okay i had two kids. I was 28 when i went bankrupt so i know right where you are what what i would tell you is this let s take care of first things first okay the first thing that you have to take care of is food right until you ve taken care of food for your family.

I don t care about the other bills period. I don t care how much they gripe or how scared you are or what s going on food is first. We got that clear right second thing is lights and water okay okay. Now who s your landlord.

Do you have an individual or corporate landlord. It s managed by a property manager. A company. Okay and they re local yes.

They are okay call them set an appointment and go sit down in front of them out not over the phone and not by email in person and ask for mercy to be released from the lease instead of calling up and going i just moved sue me okay. That doesn t work well because they will they oblige all right. But sometimes if you call a landlord you sit down and go hey here s what s going on i got three kids i m broke i got no job my business is closing. I m scared as i can be i don t know if you ve ever been there.

But i m asking for mercy. We ve got to move to a cheaper place how can we work this out. I cannot stay but help me and i ll work with you i ll help you get the house cleaned up..

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We ll leave it perfect or we ll help you show it if you want to show it or if you want to give us a little break on the rent for a little while till. We can get back on our feet. Maybe we can work it that way i don t care. But i m just telling you guys i this is not i can t do this and feed my kids right because you can t on 40000.

A year have a 1000 round doesn t fit okay and then see what comes with that figure it maybe they maybe they knock it down to seven hundred for three months till you get back on your feet. That d be nice or maybe they d say okay we ll show it and when we get a renter. We ll let you a new renter. We ll let you out of the lease as a landlord.

I have done that when people came in with the right attitude. But when people throw me up a couple of middle fingers. I ll break them right okay. So we don t go the other way right right.

So you just got decide on how you re going to approach. It and a hat in hand is the best way to do it you ll get some you ll oftentimes get some kind of mercy. If you just ask for it in your persistent. Now.

The stupid cars are the next thing in the line and have you figured out what they re worth. Oh. My cheaper. One and all summer has just been sitting in our yard um.

It s worth about maybe two grand and we owe a little bit over 5500 over there. The other one is worth about 20 and we owe 24 on it okay and i assume your credits destroyed yeah. It is okay the 20 the one that i was 2002 do that um. It s can t modify that jeez.

Okay. Um. Call..

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Them. And tell them you need to skip two payments and they need to roll them into the balance. Okay meanwhile you re going to do everything in your power. Working.

Six jobs and going crazy man to come up with four grand. So you can get that car sold is you don t have the ability to borrow the money you ve got to earn it and they re not going to cut you a deal they don t do that but they will let you sell the car for twenty thousand and you put four with it and pay them off and they ll send the title to the new owner right. But we so we need that four grand difference you follow me yep so hustle and grind baby. That s what that one s about and then you get rid of that one that s the one that s killing.

You that s what 600. Oh. Let s write out five. Yeah okay man you got screwed on that little car didn t you yeah.

It was basically. I buy. Here pay. Here.

Place. Oh geez okay. Um. Swing.

By there and talk to them. And see. If you can write them a 500 check and they ll take the car. Without it being a repo.

No recourse passed it i want to settle the repo up in front. If you just hand them the keys. They re gonna sell it for a thousand bucks to sue you for the difference..

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I don t want to do that okay. But if they ll let you buy you know give them a little check of some kind and they ll take the keys and let you go then you re out of that one because that one s bad three hundred bucks a month for that thing lord man what a mess so it let s just pretend all that happened and you got a job. I think we made it right yeah. But there s some pretty serious moves have to be made there we got a lease to work our way out of we got a car to get sold and we got a little one to turn in or get it sold one of the two and get rid of carpets cuz.

You know make car payments you had a reasonable rent we can turn this thing around you got other debt um. Yeah. I mean we ve got credit cards and personal loans okay how much um credit cards we ve got about six thousand dollars and about four thousand and personal loans. Okay you re not paying any of those right now yeah well we not until you get these other things done right they just sit and they re gonna scream and flop in the floor and foam at the mouth and all that stuff just hang up on them you just can t pay them right.

Now you don t have any money you got to feed your kids you got a place to live. Keep. The lights on you this transportation mess straightened out. Oh wait a minute you could sell your equipment at the end of season.

And that will help you move one of those cars. I left that out of the equation. That s as you said that stuff will bring a thousand bucks or so right yeah probably with everything i have okay. That s fine.

Yeah. I mean if you scrape together the other three then that gets you out that big car mess right yeah. Yeah and turns it around so you can make it i think you make the corner here. And i you know you re not bankrupt.

Yet you re just scared. And you don t know you didn t know what to put first it may if you know it s possible that you get forced into a bankruptcy later because they take these cars and the landlord ends up suing you you know if this gets really really dark. You might get forced into it. But that s a year from now that s not now it s at least a year.

Okay and in the meantime. I m going to walk with you and we re going to help you and i think you can turn this around. But it s all about the income that you make as to how quick you can turn it around right right..

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And that s not biggest problem. So far. And are stupid from before yeah. Yeah.

Well the stupid cars. Oh lord they re awful. But but your income turns the situation you know and so the restaurant management job and working side jobs and you know anything you can get doing anything because a thousand bucks a month. Added to whatever formula you ve got as a part time gig changes this stuff fast.

I mean because i mean if we went. Ten thousand dollars to throw with this it straightens the whole mess up fast. Yeah and so you re that close to getting out of this mess. And not but you ve just got to get it before they start taking stuff and before you know you get shut down.

But here s what happens emotionally do you get scared and you get to fighting with your spouse and everything else. And you might kill each other that s what sharon and i did anyway. I don t know about y all. But um you know and and so you guys got to hold each other in a tight hug.

Not not the other way around in the middle of this and so don t let this stuff take your marriage. And make sure you re in a good church and take care of food in light second and shelter is third if you got food lights and shelter you can make it you can make it around the corner. You know and the rest this crap is a monopoly game that you re losing. But you may be able to turn it around you pass go you hit free parking you know.

And yeah that kind of thing so you hold on i m going to put you in financial peace university. As my guest. I m going to pay for it so that you and your wife can get your arms around this and get you some help as you walk through this you re not bankrupt you re going to make it you just got to get your income rolling and you got to take some very proactive steps. This is the dave ramsey show hey guys rachael cruz here hope you enjoyed that video from the dave ramsey show.

If you want to watch another great video check out my video three things you should consider renting right over here or click the ” ..

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