I'm $110,000 In Credit Card Debt! Should I File For Bankruptcy?

Never, ever buy a flipped house. All you're buying is a house with cheap shoddy repairs covered with a fresh coat of paint.

Dude, don’t give up before you have even started. Take Dave’s advice. Wishing you and your family strength in these next two years. Get after it! You can do it!

It's crazy how some of these people call up scared and ready to file bankruptcy when all they have to do is get their spending under control and they'd be out of debt in a year. So many people aren't in financial trouble, they just have a spending problem.

Everyone wants to be a real estate investor/flipper these days

What a stressful situation to be in... I commend you for taking the first and most difficult step: asking for help. It's not too late, you can turn it around! You can do it!

Sometimes people just need to hear that they have options & that they have someone in their corner. I bet he got off that call & felt a weight off his shoulders. I hope he has this taken off his shoulders in a couple years & looks back & realizes what he actually accomplished.

You can’t afford a $500k house with $115k income

I'm a residential General Contractor, I see so many people think they're "house flippers" because they've watched a few episodes on HG TV. I gladly take their money. If flipping houses was a good business model, all of us contractors would be just doing that! We do everything at HALF the cost of consumers also, and it still doesn't work all the time. Sometimes it can be done, but overall, law of averages, it's not a profitable business model. It's like day trading stocks... only the brokerage is making money in the long haul

This show always makes me feel better about myself ! Thanks Dave

House flippers...this is how every story ends unless you get lucky and time it right.

"I agree with dave", says ken as if disagreement is an option..🤣

At 52, he better be sure his and his wife’s health can sustain working 65+ hours a week for the next several years before he chooses that option. Money’s no good if they push themselves until they have a heart attack or stroke, and they sound like they’ve already been heading in that direction for a while with these flips and the crazy stress that goes with them. Caller, sell your primary residence and prioritize your health and relationship! You have a window of time where you have enough income and enough time until retirement you could still purchase a more modest home, but if you wreck your health or your marriage, you can’t get that back.

" I purchased a $5 scratch off and only won a dollar" Dave: "Sell the house, rice n beans"

This Is why you don't go into debt in your 30's-40's. You will be in your 50's working 75 hrs a week when you could be cutting back. No fun.

Sell the 500k house and use that to pay off the cc debt and move into the flip. Problem solved.

He might be scared but he’s mostly exhausted & beat down with anxiety. If I were them I’d sell their primary house, pay off the debt immediately, find an apartment, & just cool off till I felt normal again. Attachment to stuff is how people get into these situations & his attachment to a wooden structure is keeping him from getting out. Classic… the things you own end up owning you.

You don't need a 500k house in MO. Time to downsize and start living within your means.

Glad you were able to give him advice and also the encouragement he needed.

The callers sounds like a very capable and hard working individual. I think he can fix his situation and keep his house.

At one point do you say to yourself maybe I couldn’t keep charging things?