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How can I manage debt after a business failure?
Welcome to the Ramsey Show America, where we help you win with your money, win in your profession, and win with your relationships. Alongside Jake Warshaw, I'm Ken Coleman. Phone number to jump in is 888-825-5225. 888-825-5225. You ready to go, partner? Let's giddy up. She's ready to go. Jacob is up in Cincinnati, Ohio. Jacob, how can we help?
Hey, how are you guys doing? Good. How are you, Jacob? I'm doing okay, I guess.
Yeah, so my situation is that I had a business fail a while ago. I was on the job search for quite a while. Couldn't find anything. I'm actually in a rural area outside of Cincinnati. So I applied to get into a trade union, the electricians union. And I got in and I'm waiting on a job call. Um, and as soon as I get into a job, I should, you know, theoretically be okay.
But I have no idea when that job call is going to happen. And I'm up to my ears in debt. I'm about to not be able to make,
my payments on my cards and my truck okay what kind of income let's just assume that we could snap our fingers and give you the income that you used to have what do you need to make at a minimum to be able to cover all your payments and have a little bit of margin what's that number
Well, I have a pretty unique situation. So honestly, if I made $1,200 in a month, I would be perfectly fine.
How so? Why is it so unique? Tell us what is so unique about your situation.
So I actually built my own home on family land. I... I have my own water system, so no water bill. I pay for electric, which never goes over $100 a month. Okay.
No taxes?
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