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Home » Business And Finance Articles » Is It Possible To Recover Quickly After Declaring Bankruptcy

Is It Possible To Recover Quickly After Declaring Bankruptcy?

If you have ever had to declare bankruptcy, then you are also wondering if there ever will be a way to recover from having to undergo such a process. Quite possibly, it has already been a couple of years since the declaration, and you currently see no end in sight. Here are some things that you can do to help achieve, with some time, the financial freedom that you want - again.

One great thing that you have on your side to help you recover is the fact that there is a lot of competition out there to give loans. This means that a banker knows that if he does not give you a loan, then someone else will - and they get the profit, hopefully. So, the bottom line here is that just because you declared bankruptcy yesterday, it does not mean that you are not eligible for a loan today.

Another feature that you do not want to forget, if you are trying to buy a house, is that the house will increase in value due to the equity that is built up. A lender always knows that if you can't pay, at least can still get their money out of it - in most cases.

The Cause Of Your Bankruptcy

Depending on what caused your bankruptcy, and some other details, it may also serve as a justification for your being able to get the loan you want. This would be especially true if some major illness brought on the great debt, or an accident, or another unforeseeable event. If this is the case, and if you can relate these details to a listening lender, then you may be headed for a loan.

Your Present Situation

This is probably the greatest asset you have that will enable you to get the financing you want. A possible lender wants simply to be able to see that you have a current ability to pay off your present bills. They may take a little harder look at your finances - but the good news is that they are willing to look. Quite possibly, the one thing that will matter the most that will demonstrate your ability to pay, could be the fact that you have been employed at the same place for more than a couple of years.

Start Small

If you are looking to rebuild your credit rating as fast as possible, and want to wait a little on the big loans, then here is a way to do it. While it is possible to get a loan for something like a house, you will still have to pay a rather high interest on the loan. The fact that you declared bankruptcy earlier will remain on your credit rating for 10 full years, and every potential lender will know about it. By waiting a little, and building your credit rating, you could become eligible once again for a more attractive loan with a lower interest rate.

An easy way to build your credit up again is by getting a secure credit card. By making all your payments on time, and in full each month, your credit rating will get better before long. Having a second credit card that is wisely used can even speed up the process a little more. Then add a small loan that you are sure to be able to pay off in a short period of time.

And here is another random article you might be interested in...

Difficult Customers - There's No Such Thing

A couple of years ago I had a call from a Customer Service Manager working in the paper industry. He wanted me to run a seminar for his team, on "How to Deal with Difficult Customers".

I had several telephone conversations with this manager organising dates, times and getting to understand his business. If I was to describe his style on the telephone I would use words like, businesslike, cold, curt and somewhat impatient. I started to realise that if I was one of his customers then I might have been a bit "difficult". He certainly knew his business and I don't think he was a bad person but warm and friendly - forget it.

There are actually very few genuinely difficult customers in the world. And I hear you say - "we've got all of them". However the majority of customers in the world are reasonable people. They may not think the way, look the way, sound the way that you do. However they are your customers and if you want their business then you've got to deal with them. They may get "difficult" from time to time if they feel they've been let down. It's how you handle them that'll determine if they continue to be a problem or if you can turn them around.

Difficult customers and situations usually occur because some part of our core service has failed or the customer perceives it to have failed. We've not delivered on time, the customer has the wrong product, it doesn't work or it's not what the customer expected. What happens then is, the customer comes to the interaction with us in a negative frame of mind. It's what happens then that'll decide whether they deal with us again or bad mouth us to other people.

The trick is not just to concentrate on fixing the core service issues. Telling the customer that you'll replace the product, deliver it in half an hour or knock something off the price, isn't the answer. Sometimes you may not have an answer and the customer is going to hear "NO". However as you're aware, it's how you say "NO" that matters. Let's consider some of the reasons customer interactions go wrong and why they may become more "difficult".

• We don't care. - We don't sound or look as if we care, are concerned or appreciate the customer's situation. Maybe you do care, however you've really got to say caring words and look and sound as if you care. After all, the customer can't read your mind.
• We don't listen. - Too often we try to jump in with solutions and don't allow the customer to vent their feelings. Again we need to show the customer that we're listening by what we say, how we say it and our body language.
• We let the customer "get to us". We often allow the customers attitude to irritate or annoy us. This becomes obvious to the customer, again through our tone of voice, our body language and only fuels a difficult situation.
• We use the wrong words. - There are certain trigger words that cause a customer to become more difficult. Some of these are "cant, have to, sorry 'bout that". Even your organisation's jargon can have a negative effect on a customer interaction.
• We don't see it from the customer's point of view. - Too often customer service people think the customer is making too much of a fuss. They think - "What's the big deal, we'll fix it right away". The thing is, it is a big deal for the customer and they want us to appreciate that.

Customers will often judge the level of your service based on how well you recover from a difficult situation and they're very likely to forgive you if you do it well.