This is a question I get quite often - "How much debt do I need to have in order to file bankruptcy?"

The answer might surprise you - it depends!

Are you self-employed?

Have you had a drop in income?

What type of debt do you have? Business debt? Medical? IRS?

Typically, our answer is that you need to have more debt than you can repay over a reasonable period of time. So someone with $30,000 in debt who makes $50,000 per year may be a good candidate for bankruptcy. Whereas someone with $100,000 in debt who makes $1 million per year may be a bad candidate for bankruptcy.

Today's discussion stems from a conversation George had with a potential client. This person bought a new car for $25,000, with payments of $725 per month on a 5-year loan at 20% interest!

If you want to become debt free within a reasonable period of time, and you have some disposable income at the end of the month, please review the Money Max system: https://www.moneymaxaccount.com/yesner

Let us know if you enjoy this episode and, if so, please share it with your friends!

Please also visit our sponsor, Sam Cohen of Attorneys First Insurance for Attorneys and Title Companies looking to get a quote on Errors & Ommissions (malpractice) Insurance coverage. www.AttorneysFirst.com.

Or, you can support the show by visiting our Patreon page: https://www.patreon.com/crushingDebt

To contact George Curbelo, you can email him at GCFinancialCoach21@gmail.com or follow his Tiktok channel - https://www.tiktok.com/@curbelofinancialcoach

To contact Shawn Yesner, you can email him at Shawn@Yesnerlaw.com or visit www.YesnerLaw.com.

What are the benefits of owning your commercial building?

What are the drawbacks of owning your commercial building?

Are you a small business owner, worried about how you're going to fit in your current lease space? Maybe it's too small, maybe it's too big, and maybe your space could provide an additional source of revenue to your business!

Finally, what special milestone is the Crushing Debt Podcast celebrating with this episode?

Shawn & George have talked before about the pros and cons of owning versus leasing when it comes to your primary residence and your car, but today, we talk to Paul Neal, author of the book "Un-Lease Your Business: Unlock Wealth, Autonomy and Control By Buying Your Building and Firing Your Landlord." Paul is a commercial real estate financing expert specializing in guiding business owners just like you to buy their first piece of commercial real estate.

George and Shawn talk to Paul about owning versus leasing, business credit, the availability of space for your business, and other related topics. You can find Paul, and get a copy of his book at: www.OwnYourBuildingNow.com, or on Amazon.

As we celebrate George's two-year anniversary as co-host of the podcast, let us know if you enjoy this episode and, if so, please share it with your friends!

Please also visit our sponsor, Sam Cohen of Attorneys First Insurance for Attorneys and Title Companies looking to get a quote on Errors & Ommissions (malpractice) Insurance coverage. www.AttorneysFirst.com.

Or, you can support the show by visiting our new Patreon page: https://www.patreon.com/crushingDebt

To contact George Curbelo, you can email him at GCFinancialCoach21@gmail.com or follow his Tiktok channel - https://www.tiktok.com/@curbelofinancialcoach

To contact Shawn Yesner, you can email him at Shawn@Yesnerlaw.com or visit www.YesnerLaw.com. We are proud to have raised over $12,000 to support Pancreatic Cancer research and education. Although the Purple Stride walk is over for 2024, there's still an opportunit to join Shawn's team for next year's walk and to continue to support the families impacted by this terrible disease. Visit MY Legacy Striders: http://support.pancan.org/goto/MYLegacyStriders08

What factors make up your credit score?

How does your score increase and decrease?

What are some credit myths?

What does FICO stand for?

There are five factors that make up your credit score:

• Payment history (35%)
• Credit Utilization (30%)
• Length of Credit History (15%)
• Credit Mix (10%)
• New Credit (10%)

In this week's episode, George and Shawn talk about your credit score, the way the five factors above increase or decrease your score, and why your score is important.

You can read Shawn's blog post here: https://www.yesnerlaw.com/five-factors-that-make-up-credit-score/

You can also check your score, for free, at https://www.annualcreditreport.com/ which is the only free credit report site supported by the United States Federal Trade Commission (FTC).

Let us know if you enjoy this episode and, if so, please share it with your friends!

Please also visit our sponsor Sam Cohen of Attorneys First Insurance for Attorneys and Title Companies looking to get a quote on Errors & Ommissions (malpractice) Insurance coverage. www.AttorneysFirst.com.

Or, you can support the show by visiting our new Patreon page: https://www.patreon.com/crushingDebt

To contact George Curbelo, you can email him at GCFinancialCoach21@gmail.com or follow his Tiktok channel - https://www.tiktok.com/@curbelofinancialcoach

To contact Shawn Yesner, you can email him at Shawn@Yesnerlaw.com or visit www.YesnerLaw.com.

While this year's Purple Stride walk is over, you can still support Shawn's team to fight Pancreatic Cancer at MY Legacy Striders: http://support.pancan.org/goto/MYLegacyStriders08