Product Description

A step-by-step action plan to quick and lasting recovery after personal bankruptcy. Indexed.

Product Details

• Amazon Sales Rank: #419202 in Books
• Published on: 2005-10-01
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 224 pages

From the Publisher
You can establish mainstream credit after bankruptcy...in less than eight months. Whether you filed bankruptcy several years ago or last week, this book will show you how to make a dramatic and lasting recovery. Stephen Snyder and his wife Michele, each had their Chapter 7 bankruptcy discharged in 1993. They were both so cash poor at the time they had to borrow money from their families to file. Then, within eight months they mortgaged a home at six percent, leased two new cars, and obtained bank loans, major bank cards, start-up capital for a small business, and more all using mainstream credit and without the aid of high-interest credit companies. Today they give, save, and invest 30 percent of their income live off 70 percent. They consistently maintain a debt-to-income ratio well below 20 percent. And, they are paying back their bankruptcy debt with interest. Our advice works. We know because we've been there. This book gives you not only the knowledge and tactics to recover from personal bankruptcybut practical, easy-to-use principles to manage your money and build wealth.

From the Author
Credit After Bankruptcy is unique because we filed bankruptcy ourselves and recovered quickly using the same techniques contained in this book. Our winning strategy relies on using reputable, mainstream credit - the kind underwriters want to see in your credit report.

From the Inside Flap
It's very easy for the newly bankrupt to look to high-interest credit companies for help. But that can be a costly mistake. As Stephen and Michele discovered, there are reputable credit providers who'll help you re-establish your creditat fair, competitive interest rates. Within eight months, the Snyders were:

Approved for two Visa bank cards Approved for a new home mortgage Leased two new cars Approved for a home equity loan from a bank Refinanced their mortgage Approved for personal bank loans Extended a small business loan And much more...

More important, all the new credit was obtained at low interest rates from major lenders. They regained control of their finances, began repaying their creditors, and were able to save 30% of their income, too.

So effective was their return to financial stability that friends began asking for advice. Soon they were teaching a course in bankruptcy recovery at a local university. The success of their course soon led the Snyders to begin their Credit After Bankruptcy Seminar in cities throughout the Midwest. In 1997, over 2,500 people attended their seminars in ten Midwestern cities. In 1999, they held 56 seminars across the countryto an estimated 28,000 attendeeswith 76 seminars scheduled for 2000.

Customer Reviews

Trying to be objective
After my husband & I filed bankruptcy a few months ago, we received an "invitation" to Snyder's free seminar, promising information on avoiding predatory lenders, improving credit scores, etc. I RSVP'd for both of us to attend the seminar, then came to Amazon to check out the book (also mentioned in the seminar flyer) I read every review and frankly was astounded by the sheer emotion of the reviews! People either love this guy. Or they hate him.

So I was intrigued. Having earned my living analyzing and teaching literature (until massive illness kept me from working for several years--thus our bankruptcy), I thought this would be an interesting project. I reviewed most of the post-bankruptcy books in the Seattle Library System. And I read this book, which does have the notorious "Church" chapter that advises getting in touch with God, going to church, and giving a larger chunk of money than most of us can afford to your church.

Having read this, I admit, I was also was pretty worried that the seminar would be a "Come to Jesus" convention, in which my husband and I had absolutely no interest. But my husband is a good sport; so we went anyhow. (We sat by a door, just in case we decided to leave) To be on the safe side, I read the whole book BEFORE attending the seminar, so that my views of the book weren't affected by the seminar (good or bad).

I realize that unlike many books, Snyder's is difficult to review without discussing the seminar that accompanies it for many readers.

Here's my analysis:
1. The book, standing alone, is good. It's not great. It's not bad.

Snyder simplified assertions (like never using "bancs" with a "c," only banks with a "k,") seem pretty ridiculous on the surface. His underlying idea, try to stay away from finance companies, and try to borrow only from mainstream lenders, is sound. "Bank vs. banc" is simple and easy to remember. But there are certainly numerous exceptions. Clever, but not great writing.

Most of us know, by now, that we'll probably need to get secured credit cards, but Snyder's list of questions to ask before you even fill out an application is useful. If your new Visa is reported to the credit bureaus as "secured," that's kind of defeating the whole point. This book contains numerous tidbits of information that, if you're new to this credit-rebuilding game, could be beneficial.

Yes, as several prior reviewers have said, most of the information in Snyder's book can be found for free if you take the time to research the Internet or your local public library. And if you're one of those people who likes to surf around and spend hours reading your monitor, then yeah, none of the bankruptcy books are going to tell you anything new. But many of us are busy, and perhaps, honestly, with a bit of soul-searching, some of us might admit to having been a bit sloppy with our finances. Printing up a ton of Internet webpages seems like a great idea at the time, but will you really read them, organize and refer to them in the future? Maybe a bound book (this or another like it) that you can keep on your desk or nightstand to refer to, isn't such a bad idea.

2. The book, if you've attended the seminar, is great to supplement the seminar, as a refresher (to read a few weeks/months after the seminar) and as a resource guide.

Coordinated with the book, Snyder's seminar is quite good. He provides information that is not in his book (2nd edition in the works?). Yes, he has a "Church Speech" (which lasted about 5-7 minutes). He even provided an 800 number for a non-denominational national Bible study group. I thought that was a bit much. But included in the Church Speech were two points that I thought were valid 1. Forgive yourself. You declared bankruptcy. It's not the end of the world. You're not a bad person. Forgive yourself. 2. Learn to give some money away. It doesn't have to be to a church. Choose a charity. Any charity. Good things come back to those who give.

Snyder himself is a dynamic speaker, although he can be smug (his references to his personal banker reveals that his book/seminar circuit is million-dollar venture, only 9 years after his own bankruptcy.) The seminar also included local lenders and experts who have programs specifically for those who have filed for bankruptcy (These "sponsors" pay for the seminar, so that it's free to attendees, including parking). The lenders seemed helpful but not pushy. If you buy the book, you can mail in a request for lender information, even if you have not attended a seminar.

Even my husband thought the seminar was worth four hours of a Saturday morning.

Conclusion: Snyder isn't the Savior some of the other reviewers think/profess he is. Nor does he deserve the venom from some of the others. It's a decent book. Skip the Church chapter if you're so inclined (and the church paragraphs which pop up here & there).

I couldn't find any excellent books on life after bankruptcy. This about as good a book as you'll get on the topic, for now. As our numbers grow (unfortunately), there will be more (hopefully better) books published on the topic. And it's clear that Snyder's making a lucrative career out of advising the BK crowd, and is establishing connections along the way. I wouldn't be surprised if he writes another book, or cuts a 2nd edition of this one soon. In the interim, this one is pretty good...

Great tips for recovering your financial health
I'm a mortgage loan officer, and I recommend Mr. Snyder's book to my customers who DON'T qualify for loans because it's the on ramp for the fast lane to good credit.

You need to have, use, and maintain credit to build wealth. Unfortunately, re-establishing credit after a bankruptcy filing is easy, but doing it the right way isn't. Mr. Snyder's advice and explanations about the credit system, secured credit cards, installment loans, types of revolving accounts to avoid, etc are all dead on target. This book explains the pitfalls, loan sharks and sleazeballs who try to take advantage of people at the end of their rope. If you filed bankruptcy, this is the book for you. Other books on this topic, like Ms. Langguth-Ryan's, actually advise you to things that are detrimental to an improved score.

As for the religious section that another reviewer complained about: It's short. I'm a catholic, and the Christian fundamentalist bible study Mr. Snyder recommends would make me uncomfortable. But I do think he has every right to suggest that morality has a role to play in building your fortune, and to tell you that learning ethical and moral standards through his faith tradition was a part of his financial recovery. You can take it or leave it, or do what I did and adjust it to meet your personal beliefs. Most people end up in bankruptcy (not all, most) because they made poor financial and life decisions. If Mr. Snyder didn't share how he changed his financial situation by changing his life habits, he'd be dishonest.

Get the book. And don't waste your time with others.

If you want good credit again soon, this is the book for you
Our Chapter 7 discharged in Oct. 2002. We got an informational mailing regarding the credit after bankruptcy seminar but couldn't attend so I bought the book. Best $30 I ever spent. I immediately applied for a First Premier Bank Credit card (which shows as unsecured on your credit report), never missed a payment and kept my balance low. Then applied for a small $1500 auto loan at my credit union,with a co-signer. In the summer of 2003 we went to Ford Dealership and bought our first brand new car 2003 Ford Focus! In December 2003 we purchased our first home! In 2004 I bought a 1999 Mustang Convertable. Since then we have also opened two other credit card accounts. Orchard Bank is a good one. The book gives you great information and resources to turn a bad situation into a good one. Although I did not get to lease a vehicle through Ford and had a higher interest rate than what the book said I would get, I was still by far extremely happy because I would have never gotten as far as I did without it! And the breif time he talks about God, well, I thought that was a blessing and has a good message. Of course I believe in God. And if you don't, get over it. The world doesn't revolve around you. (Not to be rude but...) Point made. It's a great book. For those of us imperfect people who have totally screwed up our finances and would like a second chance to prove that we can get it right this book offers sound advice. I confess I have strayed from it a bit and tried to apply for too many in too short a period and it lowered my credit score and caused me more harm, so beware...take it slow and in two years you can be back on track, in a new home, in a new car, just follow the great advice that is offered. You'll be glad you did!
We are now looking to by an investment property (2 1/2 years after our chapter 7 bk)! I am greatful to Stephen for writing the book! And if he is making bank, more power to him. He certainly did me a service. He should be paid for it.