Learn from this my young brother. I am 55 now and have never declared bankruptcy, but I definitely had ridiculous debt in my 20s and 30s. Put money away each month and live beneath your means for the rest of your life.
Yeah your probably right on the being young part. IMO your sister should pay for her car & if you can find whatever job to pay your minimum on the cards and make your car payment. Chapter 7 is a 10 year window and you’ll hit a wall for a few years to come. If your serious about school, utilize getting financial aid and grants to pay for it and maybe look into getting student loans to offset this debt. Remember you don’t have to pay back the loans as long as your still enrolled in school while getting your degree. In the long run this could work without filing for BK.
Filing for bankruptcy and defaulting on credit cards, and two car loans is going to rock your credit for years to come. Repossession or surrendering those vehicles, credit agencies and banks will consider you high risk. I suggest when you get back on your feet, you find a reputable credit repair agency and focus on whatever you need to do to slowly build your credit back up. Don’t make the same financial decisions, and live within your means. Your still young so just take this as a lesson learned 💪🏽💯
@@Foxhound1Nine Exactly, their not going to touch him with a 10ft pole. I believe it takes about 10yrs for Chapter 7, and 7yrs for Chapter 13. He’s going to have to be cash heavy for a while. Won’t be able to open another bank account until it drops. At the very least, MAYBE be able to open an online checking/savings account like Chime. He was better off trying to work something out with his credit and bank/loan agency before filing. They’d rather work with a person to get that money back, vs having to discharge everything and take the loss.
Hang in there man. You're saying all the right stuff but now its time to man up and stick to it. Go make a budget, have a portion of your paycheck auto-deposit into a savings account, get one of those spending apps that tracks it all so you can always check yourself. You messed up young so you're gonna come out of this okay, but you gotta make some real change cause you only get one life my man. Don't spend it always fighting money problems if you don't have to. Kill that ego and live lean. It's gonna suck but not forever, you can do this!!
I gotta ask, at your young age why didn’t you think more ahead on these car purchases? I’m 26 and a big car guy. I make six figures as an engineer and would love to drive a new f150 platinum around but I know that would delay my financial goals by years. You’re going to come out on top but think twice before you make a decision
Honestly, I just kind of had a screw it mentality and didn’t think things through all the way. It sucks that it had to come to this point for me to learn but in a weird way I feel like it had to happen.
Mate couldn't you have gone for a debt consolidation loan or even using a promissory note? Either way I do hope you've learnt your lesson with credit, bad, baaaad things they are. Many years ago I had a wife, now ex that almost left me in the same way, she couldn't save one solitary dollar.
Go to school? college is a scam.. well, depends on the field you want to pursue. I;ve seen other people on youtube rent warehouses that are more affordable, and they have amenities.
10k isn’t bad at all… where you lost me at was buying cars for other people and just getting the next best thing. First of all cars are not investments…. If a car is 45k expect to lose 45k… Keep a daily and don’t get more than 1 car… you don’t need it and now you’re trapped for 5-7 years… since this was the final help.. which takes 5-7 years to re use. You will struggle more and get close to your 30s, you’re young now but you wont always be. Your 20s was the time to grow and prosper. And also serious well paying jobs look into this and your background too and will bring it up so come up with a better story. Not trying to be mean I’m just telling you the real deal.
![อิสราเอลโดนอิหร่านถล่มหนักกว่าที่คุย : [คุยผ่าโลก worldtalk]](http://i.ytimg.com/vi/R8gIN-MQhWw/mqdefault.jpg)
You're not bankrupt, you're just giving up. You can easily dig yourself out of this hole. The Ramsey Show is what you need in your life.
Learn from this my young brother. I am 55 now and have never declared bankruptcy, but I definitely had ridiculous debt in my 20s and 30s. Put money away each month and live beneath your means for the rest of your life.
Yeah your probably right on the being young part. IMO your sister should pay for her car & if you can find whatever job to pay your minimum on the cards and make your car payment. Chapter 7 is a 10 year window and you’ll hit a wall for a few years to come. If your serious about school, utilize getting financial aid and grants to pay for it and maybe look into getting student loans to offset this debt. Remember you don’t have to pay back the loans as long as your still enrolled in school while getting your degree. In the long run this could work without filing for BK.
Filing for bankruptcy and defaulting on credit cards, and two car loans is going to rock your credit for years to come. Repossession or surrendering those vehicles, credit agencies and banks will consider you high risk. I suggest when you get back on your feet, you find a reputable credit repair agency and focus on whatever you need to do to slowly build your credit back up. Don’t make the same financial decisions, and live within your means. Your still young so just take this as a lesson learned 💪🏽💯
Especially if you try to buy a house..... everyone needs a home.
@@Foxhound1Nine Exactly, their not going to touch him with a 10ft pole. I believe it takes about 10yrs for Chapter 7, and 7yrs for Chapter 13. He’s going to have to be cash heavy for a while. Won’t be able to open another bank account until it drops. At the very least, MAYBE be able to open an online checking/savings account like Chime. He was better off trying to work something out with his credit and bank/loan agency before filing. They’d rather work with a person to get that money back, vs having to discharge everything and take the loss.
@@wavey_lit6046 here in Australia I've even seen on some job applications they want to know if you've declared bankruptcy.
these young bucks too young to see the impact of 2007-08, Credit cards are fucking dangerous, Especially this day n age.
Hang in there man. You're saying all the right stuff but now its time to man up and stick to it. Go make a budget, have a portion of your paycheck auto-deposit into a savings account, get one of those spending apps that tracks it all so you can always check yourself. You messed up young so you're gonna come out of this okay, but you gotta make some real change cause you only get one life my man. Don't spend it always fighting money problems if you don't have to. Kill that ego and live lean. It's gonna suck but not forever, you can do this!!
Thanks man! I appreciate the advice! I’ll keep it in mind!
like you said, good to learn this lesson early than later in life. i have family in debt up to their eyeballs and close to retirement age.
Zoomers complain about the economy being bad while this is what they do lmao
Lmfao
❤😅@@Rjisawake
I gotta ask, at your young age why didn’t you think more ahead on these car purchases? I’m 26 and a big car guy. I make six figures as an engineer and would love to drive a new f150 platinum around but I know that would delay my financial goals by years. You’re going to come out on top but think twice before you make a decision
Honestly, I just kind of had a screw it mentality and didn’t think things through all the way. It sucks that it had to come to this point for me to learn but in a weird way I feel like it had to happen.
Mate couldn't you have gone for a debt consolidation loan or even using a promissory note?
Either way I do hope you've learnt your lesson with credit, bad, baaaad things they are. Many years ago I had a wife, now ex that almost left me in the same way, she couldn't save one solitary dollar.
Go to school? college is a scam.. well, depends on the field you want to pursue. I;ve seen other people on youtube rent warehouses that are more affordable, and they have amenities.
Learn a trade instead.
10k isn’t bad at all… where you lost me at was buying cars for other people and just getting the next best thing. First of all cars are not investments…. If a car is 45k expect to lose 45k…
Keep a daily and don’t get more than 1 car… you don’t need it and now you’re trapped for 5-7 years… since this was the final help.. which takes 5-7 years to re use.
You will struggle more and get close to your 30s, you’re young now but you wont always be. Your 20s was the time to grow and prosper. And also serious well paying jobs look into this and your background too and will bring it up so come up with a better story. Not trying to be mean I’m just telling you the real deal.
Good points. Better to be honestly harsh, than fake nice. At least the other person knows who and/or what they're dealing with.
I actually went bankrupt on student loans. Bankruptcy isnt so bad. 10/10 Would do it again lol
Haha, I’ve seen it’s really 50/50 for people
virtually impossible to bankrupt student loans.....
@@zazenzach5754 Well i did it. I have a whole video about it too on my channel
Get educated by Caleb hammer