Bankruptcy.  There are few words in the English language that can send people into a panic faster.  To most, it means the loss of a house or business (not to mention pride and self-worth) as well as the more common side effect of financial ruin.

It means starting at the bottom, scraping by, and reverting to a state of no credit (or worse).  However, it also signifies a blank slate.  It is a chance at a new beginning, one without the burden of debt, and believe it or not, you can come back from the brink of disaster and improve your credit after declaring bankruptcy.

So where do you start?

A good place to begin is by figuring out what went wrong.

• Were you simply overspending or living beyond your means?
• Was the problem a loss of income without a commensurate scaling back of expenditures?
• Did you just face a number of unexpected bills that undid your careful financial planning?

Whatever the case, you’ll either need to change your behavior or try to account for unknown factors in the future by setting up a budget and a savings.  You can also plan for emergencies by purchasing the proper insurance and keeping it up to date.

Once you have set up a plan to marshal your spending habits, the next step in rebuilding your credit is to get a credit card and use it.  At this point it’s really the best (and possibly only) way to boost your credit score.

You can start with a secured credit card.

If you don’t know what this is, it’s a card that requires, as the name implies, security.  You will have to put money down in order to use the card, and here’s how it works.  You can often get a secured line of credit through your bank, which will issue a card in the amount of money that you provide for them to hold as collateral.

For example, you give them a check for $1,000, which they take out of your account and hold for a set amount of time.  You are then issued a credit card with a $1,000 limit, which you use as a normal card, making purchases and paying them off.  Since you are a credit risk, the lender knows that they can always collect if you don’t pay (as they already have your money).

At the end of the contract (generally one year), your security deposit will be returned to you with interest and you can either continue to use the card unsecured, or cancel the account.  But before you go for security, see if you can qualify for an unsecured card.

You never know what you’re eligible for unless you check.

Finally, once you’re earning credit again, you’ll want to go back and clean up your credit report.

Unfortunately, you’re going to be stuck with the bankruptcy for awhile.  But that doesn’t mean you can’t tie up other loose ends, such as open disputes.

If they should have been wiped out from your bankruptcy claim, you need to make sure they’re listed that way on your credit report so that new lenders don’t think you’re already defaulting on new debts or you current debts that were not cleared by your bankruptcy (which could seriously damage your ability to apply for future credit).  Your diligence in this matter will ensure that you actually get any benefits that bankruptcy may offer, since you will certainly suffer the downfalls.

About Author: Elise Pollack is a writer for Credit Report Guides where you can find information about credit scores and learn how to improve yours.

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If you’re married business man and your wife is out-of-town for the weekend, picture in your mind, what would you do?

1. Go see Iron Man 2 with your cousin and wait for the final scene after the credits?
2. Schedule an appointment to finally fix that small crack in your windshield?
3. Chop down the weeds in your yard?
4. Watch training videos on how to make your business into the automatic cash machine you know it can be; so you can finally pay-off that last credit card and take a month long vacation in Costa Rica?

Which one(s) do you think, I did?

My wife is back in her home town, taking care of her folks for about 3 weeks, I get to do whatever I want, for as long as I want… without interruption.

She’s been gone for a week. I have nearly ate all the food in the house.  I did go to the grocery store. I bought a box of candy called Nerds, three Rock Star energy drinks, generic brand sleeping pills, and a bag of salad.

I opened my laptop, Nerds, and a Rock Star and watched the third video from Eben Pagan, as part of his Guru Blueprint launch. You can watch it here now -

Guru Blueprint by Eben Pagan – Video 3: Content is CASH

(You will need to enter your name and email to access it.)

Why I’m interested in Eban Pagan’s Small Business Plan Sample Video Series?

The other day, I was reading comments from people who wanted to buy real estate as an investment. I found one website that had over 400 comments. Then I started to see a disturbing trend.

I found quotes like:

I would like to get started if it’s true your information can help me do that without using my credit and money. I’m a college student right now myself, own a duplex that is upside down at the moment.

I am a Realtor and have had to file chapter 7 this year after having a credit rating in the 740’s for years. I don’t have cash at this point to invest. Is this a realistic business endeavor for me considering my current financial condition ?

These folks want to invest in a particular income property real estate niche. They wanted to buy into the real estate guru’s system. However, 35% of those who commented also mentioned they had cash or credit problems.

As I read on, I began to think why don’t these people first focus on increasing their personal income and clean their credit problems…

Then focus on income property investing.

That’s when I reminded myself, “Kendall, that is why you work with professionals who like their day jobs and are successful.”

Most of them understand, like my doctor buddy, if their primary source of income is gushing out money, then they’ll look to create other streams of income.

If it’s flat-lining then they will try to find ways to revive it. Place those electric shock paddles on it and yell “CLEAR!”

2 Step Sample Marketing Strategy To Turn What You Know Into An ATM Machine

Around the 9 minute mark, Eben presented a “formula” for converting your offer into content that is of high perceived value.

Want to know without even watching the third video?

Here’s Eben’s 2 Step Process:

Step One: Create a “Magic Formula” and then give it a name.

These are the steps…

1. What is the solution to your prospects problem?
2. What are the three specific action steps your prospect needs to do to solve their problem?
3. Name your system using the phrase “The three-step system (for example, “The three-step system for… eliminating your credit card debt in half the time“)

Step Two: Link the formula to the three most important human values.

This is really killer stuff, so read carefully…

Eben recommends you focus on the following as the most important life values when it comes to your information products –

1. Money
2. Time
3. Work

We want more time, or less time doing things we don’t like.  We want more money and less work.

No problem, right?

Ask yourself how you can save your client these three elements based on what you currently do.

For example, if the problem your clients have is bad credit score and you solve it with a special process that increases credit scores quickly, then your system can… “show how to increase credit score in 37 days… or something like that.

Does Perception Knock-Out Reality?

You bet it does! That doesn’t mean you have to lie like Pinocchio. Learn how to phrase the best parts of your product.

This really is all about good clear old fashion communication and psychology.

Want a more detailed visual breakdown, go watch the third video from Eben, and on the left side he was the other 3 free videos he posted earlier in the week.

Here’s the link:

Eban Pagan’s Guru Blueprint

How do you increase perceived value in your day job or primary business?

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Listen To Affordable Credit Repair Strategies with Chris Brisson

[19 minutes - 8.9 mb]

Have you ever seen advertisements from companies stating affordable credit repair? They will do everything for you.

A few years ago, I even referred a few clients to a guy who said he could help them. He did help them.  He was able to improve their credit score for a fee of a couple hundred dollars.

Since then I’ve learned there is a better way.  However, it takes doing a four letter word that most people don’t like.  That word is called W O R K.

One of my recent clients, who is a doctor, had a low credit score of 599. Why? Because he missed one car payment. How? His car payments were attached to a credit card that had passed the expiration date.

He was hit extremely hard.

It is very difficult for a home buyer to purchase a home nowadays with a credit score below 630.

I gave my client a couple of resources and told him that he could increase his credit score himself.  Even with his busy schedule, he scheduled the time to improve his credit. After making phone calls, sending letters,  submitting online forms, then finally paying off and shredding his credit cards… he was able to increase credit score by 90 points.

You may have gotten into credit problems quickly and easily, yet you won’t get out of it overnight.

As of today, knock on the wood, I have never had bad credit. I personally never had to fight my way out of it, but I found someone who has. His name is Chris Brisson, author of “37 Days to Clean Credit.”  Brisson took time out of his busy schedule to spend a few minutes on my radio show to discuss what made him say, “Enough-Is-Enough… it is time for a change!”  Have you ever felt that way before?

Conversation with Chris Brisson show notes:

• Background of why Chris got into credit trouble.
• Credit Card Companies Money Management Tip for A College Student…Don’t Fall For It!
• The Biggest Secrets Credit Repair Companies Try To Hide.
• What Are Some Typical Credit Report Errors.
• A Few Hints on How To Remove Negative Items From Your Credit Report.
• 3 Crucial Things You Must Do In Repairing Your Own Credit.

Chris has created a video series that goes into more detail on how he was able to succeed in personal credit repair self help strategies. If you want to read on…

Here’s the link–

Affordable Credit Repair by Chris Brisson

Do or Don’t. There is no try!

Kendall E. Matthews

P.s. If you want to learn more about what Chris did for himself read his report below…

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