Chapter 1: What financial dilemmas are discussed regarding selling a home?
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Chapter 2: How does bankruptcy affect decisions about selling a house?
This is The Ramsey Show. I'm Jay Borshaw. Next to me, George Camel. And we're taking your calls for the next three hours. 888-825-5225 gets you on the line where Melissa from Dallas, Texas is now awaiting. Melissa, how can we help today?
Hi, thanks so much for having me on today. So my question that I'm trying to figure out is if I should sell my house while I'm currently in a bankruptcy that was caused by my husband making investments in a failed Bitcoin mining business.
Yikes.
Yeah.
Chapter 3: What impact does debt from Bitcoin mining have on financial stability?
There's a lot going on here. Okay. So you're thinking about selling the house. You're in bankruptcy. How much money did he lose in the Bitcoin mining scam?
Well, there's $250,000 in personally guaranteed business loans, and then $100,000 in credit card debt, and about $274K on a HELOC.
This can't all be due to his Bitcoin investment.
From what I've seen, it's all related to the mining equipment and the hosting fees.
So he went $624,000 into debt for a Bitcoin mining business?
For the most part, yeah.
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Chapter 4: How can family dynamics influence financial decisions?
What I didn't know as all of this was happening is that he was also at certain points covering additional expenses out of whatever he was racking up on the credit cards.
Got it. And you didn't know about any of this?
No. Well, I knew that he was taking out loans, but I really didn't have a lot of visibility to how much we had amassed or in what poor of shape we were in.
Okay. Well, before we get to the finances, how's your marriage doing?
It's really difficult. You know, I feel like I came into the marriage like a huge Dave Ramsey fan. I didn't have any debt, and I thought we were really aligned. And, you know, honestly, I had three babies in a five-year period, and I really just kind of took my eyes off of what the finances were, and I just completely trusted him to deal with it. And I feel like that was my mistake.
Are you guys going through counseling right now?
We've gone to counseling twice and, you know, he wasn't super engaged. The last time that we went, the counselor started saying some kind of hard things and, you know, he felt like he was being really blamed for all the problems. And he later admitted to me that he intentionally sabotaged it.
And yeah, like we've had conversations about going back to counseling, but I've kind of put that in his court and he hasn't taken any action on that.
It sounds like he's not ready to accept responsibility for how he has destroyed this family.
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Chapter 5: What financial concerns are raised about selling a home?
I love families and I love mamas being able to have, you know, as many babies as they want to and making a way to afford that. So where you are right now, you're 32 years old. You've got the $50,000 of debt. Is there any money saved up anywhere?
Yeah, so in our savings, we probably have $8,000 or $6,000. Say that again, please. We probably have about $8,000 saved. Okay. Regular savings account.
Okay, $8,000 saved, and you guys are bringing in, what, $8,000 a month?
Chapter 6: How can budgeting help manage debt effectively?
Is that about right?
Yeah, more or less.
Okay. How much can you throw at your debt every month after all of your bills are paid?
So one of our sons has some medical stuff that kind of eats up a little bit of our margin. But I'd say it's safe to say probably like $600 or $700 if we're tight.
So your bills are costing you about over $7,000 right now per month?
I mean, I think if we're... What's your mortgage payment? So...
So we're renting.
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Chapter 7: What strategies can be used to prepare for a growing family?
It's $2,500 a month.
Rebecca, speak directly into your phone. Tell us again what's your rent payment? Oh, I'm so sorry. That's okay. I said our mortgage or our rent payment is $2,500. $2,500? Okay. Yes. Can you hear me okay?
Chapter 8: How can one balance financial goals with family needs?
Yes. Yes, ma'am. $2,500 is a little over, so there's a little bit there that's eating into there. What else majorly is going on that is because your kids are not in daycare right now or are they?
Right. No, we don't have to pay for child care, thankfully. We have some family help. And so right now we have our student loan payment, which is about $500 a month. I don't have all the numbers right in front of me, but we have... Yeah, I feel like, you know, it obviously could be a budgeting thing too, but I feel like... I think it is.
I think there's some intentionality that we can really, really tighten up. Are you guys using EveryDollar?
We just got Financial Peace University and downloaded the app. We haven't started it structurally yet.
Okay, I think that's going to be an unlock for them, George.
You're about to find out that you can live on way less and carve out way more margin. Because here's why I was asking. If you can throw, let's say, $2,000 a month of the debt, you're done in two years, right? If you can throw more at it, you're done even faster. And so what I'm trying to do is get you guys debt free as soon as possible with an emergency fund.
Not that you have to wait for that to have the next baby. But if you're saying, hey, my goal is to stay home potentially. Well, if you can't make the current income work, how are we going to make less income work? Right. So we've got to figure this out. If it's true that you really want to have this kid, if that's the priority, then we need to make sacrifices to make that a reality.
Yeah. How much of the 135 is coming from your income?
Yeah. So we have 65, I'm sorry, 60 is coming from me. I work part-time right now. And then 75 from my husband.
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