Dave Ramsey Millionaire Because of Bankruptcy

 Has anyone ever heard of Dave Ramsey? Well for those of you who do not know Dave Ramsey is a financial adviser who focuses mainly debt solutions. He has several books and a radio program where he discusses these solutions to listeners who are themselves seeking debt relief. His ultimate goal is to get people debt free through his self made debt relief system. The question is can these debt solutions really work for everyone and what other solution is he leaving out? Let’s explore the one solution that worked for Dave Ramsey but does not offer his listeners as an option to wipe their slate clean of debt. This solution is bankruptcy.
 
Bankruptcy is a federal law created by our country to protect its citizens against overwhelming debt by legally removing it from your life. Have you ever wished you could have done something different in the past and change it? Of course you have but most people know they can’t change the past and they are just stuck in nostalgia dwelling on it. Well with bankruptcy you can literally go back to make those changes that got you in financial trouble and obtain a second chance to do it right. In other words, bankruptcy as a debt solution gives you the chance to understand what got you in trouble so that you will not make the same mistakes again coupled with a clean slate to start from debt free.
 
At one time like many Americans now, Dave Ramsey found himself in an unbearable financial crisis. The Tax Reform Act of 1986 began to have a negative impact on Dave Ramsey's real estate business. One of Ramsey's largest creditors was sold to a larger bank that began to take notice at Ramsey's borrowing portfolio, sound familiar? The bank demanded that Ramsey pay over $ 1.2 million dollar's worth of short-term notes within 90 days which caused him financial ruin. For anyone who didn’t already know, this is what caused Ramsey to file bankruptcy.
 
Wait, Dave Ramsey filed Bankruptcy? That’s right, the same financial adviser who condemns bankruptcy as an option to his listeners filed bankruptcy himself. Some have asked, “Why couldn’t Dave have used his own methods to get out of debt?” Well, Dave’s debt like many other Americans now, was too great and he needed a solution that would get him back on track as soon as possible. Bankruptcy was Dave’s only real course of action and his decision allowed him to go on with his life to become the success is today because of it. In the end, Ramsey used all the benefits of the legal federal bankruptcy law to get rid of his debts and was able to approach the next chapter of his life with a fresh start.
 
There is nothing wrong with paying down your debts but what about those people who can not pay these debts because of outrageous ever growing interest rates and other unexpected financial disasters? If Ramsey’s system is financially feasible to you then use it. All we are conveying is that Ramsey’s methods are not for everyone. For example, in our current economy, people who do not have enough disposable income in their budgets can not throw money at the ever rising interest rates of ever their ever growing debt problem. More specifically, people can’t waste their lives living in debt. In the end, bankruptcy is a solution that can get you out of debt in 6 months giving you a real chance to start over and do it right.
 
So if you find yourself in dyer financial straits and you are a Dave Ramsey listener, just know you have more options than what Ramsey is telling you. It’s true that Ramsey laments at bankruptcy but it’s his business to do so. If you can afford to throw 1,000’s of dollars at a debt problem for 2-6 years living in financial misery, then Dave’s plan will work for you. However, if you find yourself in a financial debt crisis that is pushing you over the brink of self destruction, remember, if Dave Ramsey came out on top after a bankruptcy, then so can you. Find out more about your debt options. Listen to more than just one authority and decide what solution is more realistic and better for you and your family.