Bankruptcy Information
Buy A Business Without Breaking A Sweat... Even With A Big, Fat Bankruptcy On Your Record
Bankruptcy Tip! Have derogatory credit items removed from your credit report.
For the items charged off in your bankruptcy, you will need to send a copy (not the original) of your bankruptcy discharge papers
to all 3 of the credit bureaus asking them to remove these inaccuracies.
Every time I write an article or do a piece on buying businesses someone will always ask me if it's possible for them, even
with rotten credit and a string of bankruptcies on their record. When I tell them it's totally possible they just don't believe
me.
Realize this: I've been doing this for over 50 years and I don't remember anyone in the last 30 or 40 years who used investor
financing where -- even if they had filed bankruptcy -- anyone checked on them. Not the owner or the broker or anyone else. And
if they did check on them, they really didn't care.
Why?
Simply because What happens is if you have a poor credit rating or if you have a bankruptcy that's only going to be important
to the owner or the bank or some other lender if they are going to be giving you financing.
What you're going to find is, I hate to this, they don't check. Do they occasionally? Probably, I'm not aware of it, but I
don't remember the last time that came up, but I do remember every week talking to people that filed bankruptcy or had terrible
credit, and it's not important because what happens is you're focusing on you the buyer.
Bankruptcy Tip! If I file for bankruptcy it may cause more family troubles
than I already have, maybe even divorce.
This is why I always say don't start a business and don't buy some little donut shop -- because you'll usually have to get
traditional financing where things like your credit actually matters.
But when you buy something larger -- a million dollars or more -- the people coming in, the people putting the money up, the
people checking are going to see the business, not you.
In fact, you can be a flake today and just filed bankruptcy and have no money and don't pay anybody. Tomorrow, when you take
over that business, you can go out and buy it. As soon as you go into escrow, they'll deliver a new Mercedes to your house. You
can go out and buy a ten million dollar house.
Why?
Because you now have taken on a persona of that business you bought. You are now that business. You are now a person making X
number of dollars a year, not some person that screwed up, with rotten credit or whatever.
Arthur B. Hamel has bought over 200 businesses in the past 50 years, and is a well-known author, consultant, investor,
business owner, and dynamic lecturer who has shared the stage with such business greats as Robert Allen of "No Money Down" fame.
For the past 20 years Art has taught thousands of people around the world -- even so-called "little guys" with no formal
education or money -- how to quickly and easily buy large, multi-million dollar businesses with no credit, banks or prior
business experience. He has recently decided to share his unique business-buying secrets and tactics free of charge at:
http://arthurhamel.com
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