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A House Divideth

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
August 3, 2021 8:03 am

A House Divideth

MoneyWise / Rob West and Steve Moore

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August 3, 2021 8:03 am

Often when parents make out a will, they simply divide their assets equally among their children.  But if those includes a house or other property, they may want to think twice before calling it even. On the next MoneyWise Live, host Rob West will explain how leaving a single home to several heirs can cause more trouble than you might expect. Then he’ll take your calls on various financial topics. That’s on MoneyWise Live, where biblical wisdom meets today’s finances—weekdays at 4pm Eastern/3pm Central on Moody Radio.

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It says a good man leaves an inheritance to his children's children, but it doesn't say how to do by Rob West. Often when parents make out or will they simply divide their assets equally among their children whose property, but some experts will tell you that's asking for trouble. Talk about that first today that it's all your calls at 800-525-7000 24, seven, 800-525-7000.

This is moneywise live biblical wisdom for your financial journey. So one of the most common entrances you any will go something like this. My estate will be divided equally among my children.

That's fairly easy to do when the estate consists entirely of financial accounts that can be quickly converted to cash for distribution to heirs. It's quite another thing. When the estate contains property as most do, it immediately forces your heirs. Usually your children to make a difficult decision. Do they continue to hold the property in joint ownership or do they sell it and divide the proceeds third option exists. If one or more heirs are willing to buy out the others.

Ideally beers will all agree on a fair and equitable settlement that usually means selling the holdings splitting the proceeds but it could also involve dividing up other assets in such a way that one or more heirs are able to hold onto the property, but too often heirs have trouble reaching that kind of agreement deciding as a group what to do with the property becomes a complicated business. There are serious financial and emotional considerations financially. What you think is a blessing may actually become a burden when you factor in maintenance costs, taxes, insurance, HOA fees and other expenses. Who makes decisions about maintenance and hires contractors to perform needed work will be heirs divide those expenses equally. What happens if one air doesn't pay his or her share. Does the property become something like a timeshare for the various heirs and their families who determines who gets to use the place and when emotionally inheriting real estate may cause heirs to make unwise decisions based on feelings rather than facts. In many cases, the ancestral family home becomes a money pit that breeds contention among surviving children who can't agree on things as mundane as the color of the new carpet. The children often have different ideas about what to do with the family home based on their experiences growing up resentments that were hidden for years may boil up to the surface when mom and dad aren't around anymore. This is often exacerbated when one sibling is made, executor of the estate. That person is then in a position to lord it over the others, or the opposite, handling the estate becomes a nightmare for them as siblings squabble. So as a side note, and consider appointing an outside executor or personal representative for your state. But back to the main point. But what do many experts suggest you do instead of bequeathing real estate to your children or other heirs whether advice is to handle it like any other asset in your will, you simply stipulate in your will that upon your death. All property be sold and that the proceeds be divided equally among your heirs when you do that some errors may decide to take the proceeds of that sale as a part of their share in the estate. Others may want to buy out the others if they want to take on full ownership of the home or the vacation property by the way, you don't always have to divide the proceeds equally among your heirs. In his book splitting heirs financial teacher and one of my mentors, Ron blue says that if you love your children equally. You'll treat them uniquely floor differently in your will and some may have greater needs that others. Some may not be able to handle money as well as others.

In those cases, dividing things equally may not be best for your heirs. But the key to making any of this work is transparency. You should discuss your wishes with your family, so that no one is surprised after you go home to the Lord. Everyone needs to understand not only your decisions, but why you made them by having serious discussions about your estate ahead of time, you can eliminate the potential for infighting and resentment. Later, especially if you make it known that all property is to be sold upon your death. That's one big thing last squabble about.

If you need help drawing up a will are changing what it's important to work with an estate attorney who shares your Christian worldview you could do that by fighting a certified kingdom advisor. Just go to moneywise and click find the CK well I hope those have been helpful suggestions for avoiding conflict within your heirs. Your calls or text 800-525-7000. This is moneywise live biblical wisdom for your financial goals and questions today. Here's the number 800-525-7000. We got a few lines open as we deal with whatever's on your mind.

Saving or giving. Perhaps it's lifestyle setting a spending plan or saving for the future maybe want to know a more effective way to be generous how you align your passions with your giving resources and do that in a way that's most effective.

Whatever's on your mind today we want to mine the Scriptures apply it to what you're dealing with and see if we can give you some wise practical counsel again that number 800-525-7000 before we go to the phone's let me just remind you we do have five wonderful moneywise. Coaches ready to serve you that you can connect with a coach at no cost. Apart from a small charge that will ask you to see purchase the electronic workbook. But the time that you will spend with the coaches over several weeks working on your spending your debt repayment plan. Perhaps you giving plan. Whatever you need that's free as part of our ministry here at moneywise media and our team would love to serve you to send over to our website moneywise click connect with the coach and will get you in line to be connected will pre-I look forward to hearing from you. Sorry. Let's say I have right to the phones today. Nicole is in Little Rock, Arkansas. Nicole, thank you for your patience. I can help you a couple weeks now.

Some of the profit account property for new home first property folding or shake.

Take away the pocket yeah well I love this question. Nicole, because obviously you want to honor the Lord in your giving based on the increase that you had and that's how we approach the time.

Now we do have to establish the fact that we should be generous here. We serve an incredibly generous God. In fact, he's the ultimate giver. He gave us his son to redeem us and pay the penalty for his send for our sins that we were created in his image.

So I like to say when we give it calibrates our hearts to his we see that were to be generous both in the old and New Testament, and I would say that we should give systematically, but we should also give sacrificially now. The tide was a part of the Old Testament law that clearly it actually preceded the wall with Melchizedek and with Abraham, but it was clearly a part of the law of Moses. Now that was replaced with the law of Christ. But in just about every case, if not every case Jesus raise the bar so I don't think we should be going backwards. In fact, I love with the author, Randy Alcorn says he says I would approach the tide is the training wheels of giving.

But the bottom line is we don't do it out of compulsion or because we want to be legalistic. We do it because we wanted to be an overflow or an expression of our gratitude to the Lord for all that he's entrusted to us and we realize that being a part of God's activity as we connect his resources were portion of them into his activity is an incredible blessing for us will receive tremendous joy in that. So I believe we should be looking to give systematically and the tide is a great way to approach it. At the end of the day it's between you and the Lord were not trying to check a box. We want to give cheerfully and joyfully as an act of worship. Now if you say to me Rob. I wanted tide. I want to give 1/10 on my increase and I want to know I want to know how do I apply a tie to a sale of the property. I would go back to what you were saying and that is we've got a look at this as an appreciating asset. Now that appreciation of that asset is not realized until you sell it, so if you live in a single-family home and like just about every other home in the country. The last couple years.

It's seen some appreciation but you haven't sold it yet. That's not an increase because you won't realize that until the sale, but when you sell it as you did, then you are able to establish the gain. What was the realized gain or profit that you got out of the home, which would simply be the selling price minus the original purchase price minus any improvements that you put into the property that stayed with it. That increase the value not furniture and things that you would take with you, but things that stayed with the property that enhance the value that would come out as well and then you could even subtract the transaction costs of the sale because that reduced your profit, but after all of that you would end up with an amount that was your increase and if you wanted to apply the principle of the type to that, then you would give based on that full amount regardless of what you did with it. After whether you invested in the stock market rolled into another property or kept it in savings as part of your reserves is that all make sense to you Nicole, okay, you're very welcome. Listen if you do decide to do some giving and you've got quite a bit of money because you realize do you know a big game, and perhaps that's can result in a large gift. I would consider opening what's called a donor advised fund. It's essentially a charitable checking account you could do that at the National Christian foundation with very little cost. In CF, when you make that gift, you realize the full amount of that contribution as a deduction in the year that you made the contribution to the account and then you're able to give it away as you choose.

At whatever time you want and you can do that anonymously or in your name with a couple of quick clicks of the button so I getting fund or a donor advised fund is a great way to do your giving and if you decide to move forward. I would at least check that out. We appreciate your call today, very, very much.

Let's head to Columbia, South Carolina. Add your next up on the program. How can I help you sir, thank you for your time. First time calling for Simon. I came across this patient have back accident, but outside my door vehicle pulled away for a while and so much collaborative ministry committee nearly got an effective blessing. That's what felt compelled to call David.

Not sure how much I appreciate the heart of ministry that, hi necklace. She raised the collaborative ministry.

Yes, not money matters.

After many many years ago about selecting I love. I am now retired military pastor is fresh here that I've been traveling about and overseeing and not heard the program before my life at all got up a lot but meeting and look what I got hurt starts with calling to tell you how much I appreciated that quality what you doing in the fact that multiple mention this not the Scriptures on the end outcome financially. Life side of the heart of whatever but Mr. come through and I appreciate that committee. That's what you do well and let me just say how much I appreciate you making the call. I can't tell you how much it means to me for you to affirm what it is that we really have behind this ministry, which is hard to really start with the biblical worldview and I like you was deeply impacted by the ministry of the late Larry Burket, who wore his heart on his sleeve. He just loved listening to how he interacted with God's people. You could tell he loved them and he cared for them and he wanted to give them practical sound advice, and he knew that he could only do that if it came out of Scripture and Ed, there's not a week that goes by. On this program and there is been gone since 2003 that somebody doesn't reference Larry Burket in the ministry of Christian financial concepts and crown ministries in the money matters radio programs and once again here we are, which just speaks to the legacy and the impact of the man that really centered everything he did on the Lord including the way he interacted colors each day so I'm delighted you found moneywise live. I'm delighted you're listening and I really appreciate your call because those are enormous shoes that I know I will never fail.

But our team is just trying to be found faithful. Every day the Lord starting with God's word and serving our people with hope and courage meant to be stewards that God is called much more, thank you so much for joining us today for moneywise live on plastic calls and questions today.

The lines are full. We have question stacked up so you and phratry to cover a lot of ground today, including our next golf Sarah White, Whitfield County, Georgia Sarah, thank you for your patience and can help you about your errors here and where we around children.

All of their well educated about you and we will probably meet at your school.

Larry characters find it for right now looking for what we should give it a point right are $50 million and that had a couple of I can see that's great. Slow, Sarah.

You're a great spot because clearly you been a responsible steward of God's money, you have enough to sustain you and your husband for the rest of your lives.

You want to make sure you have the proper legal instruments in place so that no matter who predeceases the other that things are passed appropriately to you, either spouse and so you'll want to make sure the very least, you have a will and I would also make sure you have a healthcare surrogate and durable power of attorney and probably a living will as well, and that whole package of documents can be handled with an estate planning attorney with out much expense but obviously when the Lord calls both of you hold your last stewardship decision as you care for what has been entrusted to you is to make a decision on where that's going to go. It's either going to go to the government it's going to go to errors that you leave it to or it's going to go to charity or ministry, and I think that's the real opportunity you have is to do some giving both while you're alive as you think about what excesses you have or what the Lord might be leading you to give. And then of course the death with the rest of your estate when both of you pass to be able to decide in advance where you want that to go that can be a conversation that takes place over time, and it can change, but I would clearly spend some time thinking about that responsibility that each of us have as that last stewardship decision how you go about that. Well, one of the things that I would recommend you do is you visit with our friends at the National Christian foundation there.

One of the largest Christian charities in the world and they just help Christians be wise in their giving everything from the wearer of giving through something they call giving strategy that would help you walk through a process with the relationship manager who's just there to serve you and in that process.

Uncover your passions and aligning those passions with where God is at work so that you know where you're going to give and you thought that through fully and develop the plan around that, but also the how much of giving both right now during your life but also a death and then one of the most effective ways to do that is that cash giving or is it non-cash giving through assets that perhaps have appreciated where you can get some tax benefit and then give them away. Prior to selling them and you can do that with stocks and real estate in land and art in any number of things a business interest as well. So I would actually walk through that process is not convenient cost to do that but I think that exercise of you and your husband going through and developing a giving strategy with somebody who really shares your heart for generosity and can help you align your resources with what God has really placed on your hearts, you and your husband uniquely and together could give you.

Perhaps some further insight into where you want that to go so that you can have that planned out in advance and then of course it can change over time as the Lord leads this app will make sense though.

Well… Yes what you got on where we don't have anyone in our lives at 11 miles from my family, head higher family living in Israel and in Europe and we just don't have anyone near at that could be an executor or be, are there like public executor or is there any yes you have a trust company that would be a corporate trustee that could make the decisions for you.

It could be an attorney, but it could be also a trust company, and there are some Christian trust companies out there as well.

So if you stay on the line let my producer get your information I can make sure team get you a few names and some options on where you could go from here because obviously the Lord is good to call one of your home first and then once you're both gone.

You want to make sure that somebody is going to handle that. The way you intended. And all of that can be spelled out in advance through trust or a will or a combination of the two, and so I think visiting with a godly estate planning attorney who can help walk you through that. Make sure not not only the documents are in place, but that you've thought through.

The strategy wrestled with the decisions and then you have a plan B on both of your lives to see that carried out. It is where you want to go next. So you stay on the wind will get your information. I'll get some information to you and I'll also send you a book called splitting errors that not only talks about how you give it to the people in your life. But what are those considerations you need to be thinking about its Ron's blue run blues book on wealth transfer. That's probably the best one out there so we appreciate your thinking of us and calling today and I know as you ponder what God has in store for you all beyond your lives. So give you some wisdom in how to effectively transfer his resources to the next.

Sincerely appreciate books a lot more to come on moneywise like today just about talking away Darian about bankruptcy management. Elizabeth is in Cleveland. She was the difference between exchange traded fund of funds. Randall really difficult season. Son passed away four months ago and try to get squared away. The bank account with us, moneywise.

This is moneywise live where God owns it all.

We are stewards of money is a tool to accomplish his purposes. I am Rob West taking your calls and questions today. Thanks so much for listening and calling for inviting us into your lives stories as we celebrate together.

God's activity in some cases, you know it's a difficult season. That could be especially brought on by the covert shutdowns.

I know many of you listening right now I have lost jobs. Your hours of been reduce your struggling you're saying how I get through. You know what we have to trust the Lord. We have to recognize that he is our provider.

We are to be found faithful with what passes through our hands and there will be seasons that are difficult and that has nothing to do with our relationship with the Lord. But it also means that those of us who have more than we need, in any given season should be looking for opportunities to share with those in need because as the body of Christ, we come together and support one another. Ultimately, placing her trust not in our things, but in the Lord himself who said he will never leave us or forsake us in.

So if you're struggling right now you're discouraged. I'd encourage you to renew your mind and the promises of God go back to his word and be found faithful with what passes through your hands and don't run to the credit cards spread all the bills on the table and say Lord you see the need and were asking you to provide and then see him work in miraculous ways. If you have a question today, we'd love to hear from you.

In fact, we got a number of calls all lined up next up is Kelly Nashville, Tennessee Kelly, thank you for your patience and help user. Thank you Rob, appreciate my call.

I called you about a year ago, almost a year to this date. My wife then going to school and she finished that that God and she got a job and we for the first time employed. That first year that we just started going you are you makes recommendations for our emergency fund and increase our giving and do retirement maxing out both the raw suite done all that this first year that Garwood got all that done and also was saving for a car because I need a car pretty quickly, but it dawned on me that the money left over every month.

After giving and retirement and and some money to spend on things we want to do if I applied all of that to the mortgage Lord willing I could pay our house off in about three and half years. My question is, is that what you would do if you were my shoes and I missing something. Is that too hard at it or should I reduce that a little bit just trying to get some wisdom here before we go into your yeah yeah very good. Well, congratulations on the progress that you've made in putting that financial foundation under you, which is really silky you've prioritize. I think the right things, you know, as you move forward. Keep in mind is only five things we do with money. There's the money we save the money we give the money we pay for taxes for debt and then our lifestyle and if you essentially capture lifestyle and said we don't need to spend any more there than we take that off the table and if you're debt free except your home, then obviously that's the one that we have to prioritize and I can obtain more taxes. In fact, the more you give, the less taxes you pay. So ultimately it's going to come down for you to how much do we save and how much do we put toward debt reduction and once the house is paid off. It's really just gonna be between saving and giving much more do we need what is our financial finish line.

And what is the Lord leading us to give away now. I love the idea of you being completely debt-free including your home and to do that at the very least, by the time you enter retirement and if you have the opportunity to do it earlier than that and still be on track for retirement meeting not robbing yourselves of reserves that you need or money that you want working for you. Compounding in in tax-deferred retirement accounts as long as you believe through some planning either on your own or with a professional that you're on track to have what you need so that Social Security plus the income you can generate off your assets will fully fund your lifestyle in retirement and whatever God has for you and and that's can be a reduced lifestyle because at the very least, you will be paying a mortgage payment in the probably a few other expenses that will come down as well. Then you don't if you're on track. I would say yeah, the next best thing, other than any additional giving you want to do is to focus on getting that house paid off because if you can do that in three years that's can give you another five years before retirement, where you will have even more surplus and you can do more saving and more giving and you'll need to really pray through Canada.

The priority order of how you use those surplus dollars. So I think the bottom line is I love you taking that approach to pay off the house. The only question I would ask is how confident are you in what you're putting aside and that building up to what you ultimately need in retirement to fund your expenses yeah that is a great question and I that we have maxed out our loss each year, which is a blessing and and out is one thing about a little nervous about because what if something happens, but I did get I can get to my rotten year and 1/2 texts are penalty free if I needed. I prefer not to budget thought if I could get that to that point at the end of 2025 or 24 then while I get that behind me, which is an incredible blessing if we get there and then we have like you said 5 to 6 more years to two do some of the things that's right, I mean the only trade-off there is the compounding that can occur prior to that the only downside love the Roth. The only downside is you're limited to, you know, if you're over 57,000 need to counsel your putting away 14,000 year and I would typically say the target on what you would want to be putting away his temperament to 15% of your take-home pay. So a 401(k) or a separate IRA or 43 BR 457 allow you to put more money away each year you're limited in that Roth so I think it's probably worthwhile to look at. Feel how well are you on your way to having what you need. Given what you been putting away in these Roth accounts and should you take a longer approach to paying off the house so that you can maximize what's going and perhaps even in another account.

Beyond the Roth or if you have a conviction to be debt free and that's certainly a great thing, then go for it and then as soon as you're done with that redirect all of that money into additional savings. Do you not have a 401(k) at work.

No I don't. I just have a Roth. My wife's a schoolteacher shares a pension that's building.

Plus she's maxing her raw okay so what I look for you to do. Kelly is to connect with an advisor. If you don't have one, you could find a certified kingdom advisor there in Nashville and just do a couple of hours of planning, where you will look at what asset you have, what do you expect to have in the as far as income sources in retirement, your wife's teachers pension what we expect the Roth's to grow to on a reasonable basis given you know a reasonable market appreciation between now and the next eight years plus, what you will add to it and then on top of that what you all might be able to expect in Social Security and then compare that with your lifestyle need in that season to the best of your knowledge and just see how you're doing and whether or not you need to accelerate some of that savings and if you do, you may decide you want to prioritize that even over paying off the house in three years. Just because these are some valuable compounding years that you'll enjoy over the next eight years so I do go to our website moneywise click find the CK interview a couple of them and just tell them you're looking to do some retirement plan have them look over everything and together come up with a plan on what your target is what your financial finish line so you know whether you're on track ahead of time and then I think once you know that information will become clear when we prioritize additional savings or we go after that house, and I don't think Kelly would appreciate you listening: God bless you as you pause for a brief break. We got a lot more to come still in moneywise live stay with us some great questions lined up.

This is moneywise live biblical wisdom for your financial decisions. I Rob West was so glad you didn't. Today, thank you for your calls.

Thank you for listening and thank you for giving we can do will here on moneywise on the air on the web in the moneywise app with her moneywise coaches and certified kingdom advisors. None of that happens without your generous support.

If you consider yourself a part of the moneywise family you'd like to consider prayerfully giving to this ministry would certainly be grateful you can do it quick and easy on our website, you just go to moneywise and click the donate button you can give securely to its tax deductible led to the extent you can deduct an itemized you are giving because we are a 501(c)(3) nonprofit, but that we use all of those resources to bring you all of the ministry endeavors that we do here at moneywise and we would be so grateful for your support again moneywise just click the donate button back to the phones in Green Green Cove Springs, Florida. Randall is calling today rental. How can I help you sir hi hi Rob how are you doing I'm tuned very well, thank you for your call. Our son is 44. He was living with and he passed away about four months ago. He had a checking account for Pam and my wife and we got that taken care of because she was on his account. He also had savings account which I don't know how much was in use that one with his permission, as collateral for a loan so I took out like 25 or $30,000 and I'm still paying that back as I go about 18,000 still on anyway revised our credit union will not allow us access to that money nor even find out how much was in the account. So I went to a lawyer and because what we need is a letter of administrator from the courts become executor because he had no beneficiary until they wanted like $1500-$2000 for the letter. So I tried going through like an online resource for legal aid, legal aid, and now they can't help who can they don't do pro bono.

So now Alana find out in information about the pay them like $1500 or more to get this letter to go through the court. Yes, I just felt like a man a rock and a hard place.

Yes. Well, there are some options online the, you know, there's a number of online resources, including and others that would give you templates for the document that you're describing a letter of appointment of an executor, but the bottom line is we need you established as the executor because only the executor is authorized to access the deceased's assets before the estate is passed through probate as the probate process is that ongoing what is the status there target now.

We just found out that it did not have a beneficiary okay alright well yes, I would encourage you to connect with a certified kingdom advisor there in Florida and asked for referral to a godly estate attorney who can advise you on the best way to do this as inexpensively as possible. You know, if you die intestate without a will in the states is ultimately responsible for making those decisions as to how the through the probate court how his accounts and affairs are going to be handled and distributed so you need that process to starting your gonna need some counsel on how to help move that along. So I had to our website moneywise search for a certified kingdom advisor.

This will be a godly man or woman who's a competent professional in the either the financial planning or investment space, but you can want to ask for referral to an estate attorney who is a believer who can just help you navigate some of this and whether it's using an online free resource or just working through the probate court for that process to play out. Eventually you will be able to uncover what assets are there and they'll be distributed according to either the will or the courts decisions on who the next of kin is and I assume just based on what I'm hearing that would be you and your wife. So I would take that next step.

I'm so sorry to hear about your son's passing and I know getting all of this behind you will be something that will allow you I think to move on. Perhaps even more than you have just knowing that all of these affairs have been handled in the handled well, and according to how your son wish them to be distributed, so I'd make that call.

If you run into any further problems along the way.

I don't hesitate to give us a call back but Randall, I will pray that the Lord be near to you and your wife during the season and we so appreciate your call today sir to Darian Illinois Randy you're next on the program. How can help you.

I expect my call this yes, I'm just having a hard time really hard to start his time between management or bankruptcy. My current situation. In a nutshell, I lost my job last April was my full-time job and so I'm currently on unemployment in our state.

Here that will end next month, and so that from you soon and I'm just supplementing it with two small part-time jobs. So to help myself out euros.

I slip by myself so I'm running apartment so I got the rent my credits bad so I have a high interest on quick return say the car loan and taken out payday loans. I know they're not the greatest but you just to make ends meet.

Taken out payday loan so I have like about content that I have like about 66 payday loans out and so it's like to say you know everything starting to come desponding deeper and deeper and so I talked with my brother because he's more like don't know what the realist like, well ran to get on your current situation in general I would just know the best thing for you is like bankruptcy might well you know what Gary gave me peace, payday loans, even though their high interest. They gave me money like in good faith and so I just feel bad if I want the bankruptcy route.

This I feel like you know that getting this money. Like you said in good faith, even though it's a high interest stilted and by filing bankruptcy, be like saying okay well thanks and now I'm back and so but on the other hand don't have any savings at all you know and I like to explain this to my situation.

I don't know what to do. I mean, I don't know if that is the best route now the couple.

I'm sorry I did contact couple that management companies and I think the lowest estimate I got the stars all night that including liquid payday loans was like $525 for like 24 months and so I figured that plus my car loan plus to rent my Mike still like, but still roll hard well II understand your situation, your Randy and I know how challenging it is and can be in the weight that is on you every day so we gotta get you out from under the starting with. You know the ending that cycle of payday loans because that's just such a problem in the interest rate is just astronomical.

If you calculated based on the short period that your borrowing that money and what you having to pay to get it if you annualize that it to blows credit cards out of the water in and right now I think the key is finding that replacement full-time job and I realize that's easier said than done. And yet there's a lot of opportunities out there right now, a lot of companies can't get the workers that they need and so making that your full-time priority. As you know, alongside the part-time jobs that the Lord is giving you.

I think is key.

Working your network link, then you know the online job sites and you know talking to family and friends in your church family and letting your skills be known and really just trusting the Lord for that. That new employment. That's going to get you.

Perhaps more income coming in. In the meantime, you know, because of COBIT. A lot of these lenders are willing to work with you. Probably not the payday lenders because I would put that more in the loan shark type a category but credit card companies and others are willing to work with you just because they know how challenging this season is so you don't bankruptcy is not in the Bible, but we know that it says the wicked borrows and does not repay, so we want to start with an absolute commitment to repay. And if you're forced into bankruptcy.

That's completely separate then you know whether you will ultimately be able to pay that back so I would start there. Try to look for that job, I'd call Christian credit counselors or visit them online and set up an appointment to Christian credit for a second opinion and then I would say I want to set bankruptcy aside, I want to lean into my creditors want to try to work out a plan that works for me and then I'm at work really hard to try to get my income up get out of these payday loans and then get a payment to the credit card works with my budget so I can make some progress. And let's not focus on the bankruptcy. If you have questions along the way.

Give us a call. As long as a partnership between radio and moneywise we say thank you for listening back to join us tomorrow.

Lord willing

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