My story of a debt problem that sucked began back in the late 90’s when I started flipping real estate. I bought my first property with no money down and truly launched from there. Eventually I built a 800,000 net worth of which half of that was cash.
I began trading the advanced currency markets otherwise known as acm forex. Back then we did not have the easy to use forex indicators they have today. So my forex investing did not work out either.
Then, my whole world come crashing down as I bit off more then I could chew by partnering on a allin hotel project that bankrupt me . True story.
I tried many things to clear debt including debt negotiators, business debt settlement, contacted various debt companies and even looked into building business credit. Corporate credit it what actually saved me at the time because my bankruptcy took nearly 2 years to complete. Once I was able to get on my feet again I had not only good personal credit again but had good corporate credit, and business sense.
Their really is no point to this story other then to point out that I seriously thought I was unstoppable and would only continue to grow my net worth. Once you run out of money, there are only so many lucky breaks available to you. Corporate credit was very useful to my compared to other debt solutions simply because it was only a matter of following the steps.
Once I was able to form a new LLC, which was only $50, the process was quite simple really. A 20 item check list was to be completed and before you could apply to small credit sources such as office max and home depot. Then you graduate to business credit cards and then on to bank lines of credit. The results were certainly worth the effort and i was able to access over $100,000 in business credit to relaunch my business.
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