Tips for people going through a bankruptcy or have completed a bankruptcy.
Happens to the best. To prove it, here is list some folks that went bankrupt and recovered nicely:
| Thomas Jefferson |
Charles Goodyear |
Burt Reynolds |
Stay tuned for Michael Jackson |
| Mark Twain |
Tom Petty |
La Toya Jackson |
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| Henry Ford |
Francis Ford Copola |
Donald Trump |
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| Walt Disney |
Wayne Newton |
Mike Tyson |
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These folks stood up, shook off the dust and moved forward with some very valuable lessons learned.
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Status |
As you know, if your judgmentis over 7 years old, your bankruptcy is history. However, it takes a lot of effort to make sure it remains history. This means you have to fight the credit reporting agencies like a tenacious boxer. My credit cleaners are professional credit boxers. They go the distance for you. |
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Spouses / Significant Other |
If your spouse or significant other has good credit, you may maneuveraround your problem by using their credit.
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Double The Other's Income |
Form a business that enables you to feed your income into your spouse/other. |
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Keep Excellent Business Records |
This business will be filing returns to show that your spouse/other makes good money. |
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Mortgage Is In Spouse/Other's Name |
Your spouse/other is responsible for the mortgage. |
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After Close of Escrow |
Your spouse/other puts your name on Title |
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Create A Business Entity |
You can establishnew credit for a new business the old fashion way of creating lines of credit and paying debts on time. It will take a while for this one to build sufficient credit to purchase a home. |
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You Will Pay More |
Let's face it. You will be paying a higher interest than your neighbor. So what? I remember the days when good credit was 12%. I've paid as much as 14% for real estate. It's not the end of the world. |
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Get Educated |
There are thousands of ways to recover from bankruptcy. Stop moping around and get to the bookstore this afternoon. |
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