You really want to buy that house but you don’t have enough credit to swing it. You have been denied several times by different institutions when you apply for a credit card. Sounds familiar? You are probably suffering from a case of bad credit. This simply means that your credit score is not high enough for lenders or financial institutions to take a risk on you. For them, you’re a financial risk.
You’ve dug yourself into a hole of financial debt you can’t seem to get out of. What is the fastest solution to solve these problems? File for bankruptcy, what else? So you’ve declared bankruptcy and suddenly all your debts are gone. They all seem to have vanished into thin air and all your problems are solved. Hooray, right? Think again. Declaring bankruptcy may be the easiest and quickest way out but it’s also the surest way to give you a bad credit score or record. Bankruptcy will be on your credit record for 10 years and will make it difficult, almost impossible for you to get a good loan or credit line.
If there is a perfect time to buy houses for flipping in this country, then nothing could be more perfect when the house prices are down and for sale houses littered across the nation. Foreclosures are everywhere and distressed sellers are selling their properties at an all time low just to entice buyers. This is the time to flip houses like you flip hot cakes.
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