Dave Ramsey Guides Couple Facing $1 Million Crisis Through Business Failure, IRS Threats, Bankruptcy Decisions

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Sep 23

A caller to The Ramsey Show on Monday revealed he and his wife are drowning in nearly $1 million of debt, prompting financial expert Dave Ramsey to offer tough but compassionate guidance. John, a 33-...

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It took it all away. But you're a lot better than you feel about you right now.\"\nRamsey explained that IRS debt cannot be discharged in bankruptcy, unlike SBA loans and credit cards. \nHe told John to consider consulting a bankruptcy attorney to understand his options and warned that selling the home may be necessary to settle the IRS debt.\nHe urged John to stop making payments to unsecured creditors like credit cards and instead focus on essentials. \"Food on the table trumps anybody else's request. Lights and water kept on trumps anybody else's request. No one gets in line in front of your family.\"\nRamsey also stressed the emotional toll of debt. \"This stuff will destroy your marriage if you don't fight for it. Take care of your wife. Take care of your kids. The rest of these people can jump off a cliff.\"\nSee Also: China Considers Ban On Flush Door Handles In Cars: Here's Why\nCallers shared shocking financial struggles, from retirement with no savings to secret debt hidden within families, prompting Ramsey to deliver blunt but practical advice.\nA 65-year-old man named Mark admitted he had reached retirement age with no savings and $137,000 in debt. Ramsey told him to plan on working longer, live frugally, and follow his \"Baby Steps\" to pay off debt and build a nest egg.\nA 26-year-old Texas man, Jim, revealed he and his wife were $500,000 in debt, much of which she did not fully realize. Despite a combined $250,000 income, their mortgage, car loans, and credit card balances left them underwater. \nRamsey challenged Jim's claim that his wife was unaware, quipping she had been \"running her credit card around like she's in Congress.\"\nAnother caller, Alexandria from Texas, said her husband had secretly opened credit cards in their children's names and racked up debt. Ramsey called it \"criminal fraud\" and urged her not to sign any legal documents absolving him. \nHe stressed that children's credit reports can be pulled and frozen to prevent identity theft. Co-host Cruze backed that up, saying, \"You do it to protect them from ID theft just in general with the internet and scams.\"\nRead Next: \nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nPhoto courtesy: Shutterstock","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}