If you intend to deal foreclosures in Michigan like I do - you will come across potential homeowners who are willing to buy your homes, you get very excited, send them to your team memeber loan officer and then the dreaded call comes in - Sorry, cant do them, they have a recent bankruptcy on their credit.

Oh, woe is me, you wail and try avoiding their phone calls as they frantically try to contact you to see if they can buy the house. Off course all of a sudden, you dont want to do anything with them and you avoid all contact with them.

Bad move Toto! Bankruptcy is not what it used to be. According to the authors of Two Income Trap - personal bankruptcies are up 900% in the last 10 years. Sooner or later you will run into one.

I have access to PACER database which is a direct linkup into the Federal Court system to see any records regarding bankruptcy. Last time I checked, 247 people were filing on an average bankruptcy in Southeastern Michigan - grand total 47,000 last year just in Southeastern Michigan according to Detroit News.

So here are two really good articles ; first one is the basics of bankruptcy:
12 Myths of Bankruptcy

Next one is even better and talks about how fast you can rebuild your credit after bankruptcy. Read it and I will show you tomorow how you can really niche yourself as a foreclosure expert in your area very quickly:

Rebuilding Credit After Bankruptcy

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