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How I Ended Up in Bankruptcy Blog Series {Video FINALE & Q&A}: Should I file bankruptcy?

Today, I’m going to answer some of the biggest questions I’ve received from the Bankruptcy Blog Series.

In this video, I cover:

  • Questions you should ask yourself BEFORE filing bankruptcy
  • What factors you should consider when filing bankruptcy: how much debt do you have, who do you owe it to, etc.
  • What to do instead of filing 
  • Asset Protection
  • And the truth about what would happen to our economy if we all paid off our debt

I’m making this video for you as a wrap up to the Bankruptcy Blog Series.

If you read the series, you heard me talk about my decision to file bankruptcy: how I made it, why I made and how I protected my assets so I was able to bounce back really quickly afterwards.

Today, just two years after filing bankruptcy, my companies are doing better than ever. They’re run by CEOs, and I’m doing just what I do best in those companies as opposed to before I filed bankruptcy when I was trying to hold it all together myself.

I had great companies in some ways, but I was struggling to do it all. I felt like I was all alone. I felt very burdened. I had the wrong business model. I really was making a limited impact in the world.

Today, my impact has expanded greatly, and I’m able to serve in the deepest possible ways. And that was because I was able to make the decision to let go at the right time. And that’s what I covered in the bankruptcy blog series.

So, you all had some questions, and here I am today to answer them for you.

The biggest question that I got asked is:

When should I file bankruptcy? Should I file bankruptcy?

Here’s my answer to you on that: If you are going to file bankruptcy, don’t do it on a small amount.

I filed bankruptcy on over $500,000 dollars of debt. What that meant was that I really, fully leveraged my credit score completely before making the decision to file bankruptcy. Now, if I only had $15,000 or $75,000 worth of debt, it probably would’ve been just as easy to figure out how to make the money to pay off the debt.

And that’s where I want you to start.

If you only have a small amount of debt, I want you to be focused on How can I make more money to, not only pay off the debt, but maybe even take on more debt and leverage all of the resources you have available to you?

That’s really important.

If you’re looking at bankruptcy, you’re really looking at What is the most responsible thing that you can do for the overall situation?

That’s what I did.

I looked at what would be the most responsible thing that I could do. Could I have earned the $500,000? Yes, probably. But would that have been the most responsible thing to do? No, because the way that I would have needed to do it would not have been in deepest service to the world. I could have continued to run the business models that I had created, which were serving in some ways, but they really weren’t of deepest service.

So for me, filing bankruptcy, letting go of $500,000 of debt really made sense.
should I file bankruptcy

For you, would it make sense? Well, we have to look at:

What would it take for you to earn the money to pay back your debt?

If it wouldn’t take much (and sometimes like it feels like it would take a lot, but you just haven’t gotten the right guidance yet, you haven’t got the right support to really tap into the gifts that you have to give to the world. If you can tap into the gifts that you have to give to the world – in the right income model – and pay back the debt, I say do. that. In fact, maybe the debt can be a motivator for you to do that instead of sapping your energy.

Now, if the debt is such an amount that it’s just sapping your energy, and you see no way you could possibly give your gifts in the world and pay back your debt, that’s the time to file bankruptcy.

But again, look at, have you leveraged all of the available credit that you have before you make the decision to file bankruptcy? Have you really tapped all the resources available to you? Because you don’t want to file bankruptcy unless you’ve done that.

There’s another question..

Who do you owe the money to?

If you owe the money to family and friends and colleagues and clients, I don’t think you’re really a good candidate for bankruptcy. Because, is it really the most responsible thing to not pay back those people? No, probably not. Instead, if they are people that are going to be significantly impacted personally in their lives by your decision to file bankruptcy, you really have to look at how can you earn the money to pay back the debt that you’ve borrowed.

In contrast, if you owe big banks and credit card companies, they have built into their algorithms and metrics that some number of people are not going to pay back their debt. So the impact of you not paying back your debt is much, much less significant and in some ways, is part of what keeps the economy going.

If we all decided to pay back our debt, the economy would actually collapse. 

Not paying back your debt is built into the economy as it stands right now, when you are not paying back your debt to big banks and credit card companies. But, if you’re not paying back that debt to clients, friends and colleagues – that’s a whole different story.

In that case, you really want to look at how you can earn back that money. And maybe it involves talking with them, working with them, asking for their support – not just financially but emotionally, maybe strategically. Maybe saying, “Hey, we’re all in this together. How can we come up with the money to get you your money back using the gifts and services and talents that they invested in you in the first place?”

So, those are some of the biggest questions that I got after the bankruptcy series.

Another question that I received is about…

Asset protection – When is the time to do asset protection?

The time to do asset protection is NOW, before you’re facing bankruptcy.

My asset protection started in 2005. I had no idea I was going to file bankruptcy at that point. I barely had any debt at that point. In 2010 I did more asset protection, again, not knowing that I was going to file bankruptcy.

It wasn’t until 2012 that I did file bankruptcy.

So why did I do asset protection in 2005 and in 2010 if I didn’t know that I would be filing bankruptcy?

I’m a business owner.
I’m a risk-taker.
And I want maximum reward for the risks I take with the least amount of personal risk.

I know that setting my assets up from the beginning was the right thing to do regardless of what might happen down the road.

If you have a vision and you’re doing big work in the world, it’s the same for you.

You set your assets up right, out of your estate, outside of any risk of creditors, divorce – anything like that, because you believe in what you’re doing. You believe in the work you’re doing in the world. And you want to set it up to benefit for multiple generations, not just for right now.

So the time to do asset protection is… as soon as you’re thinking about it. 

Once you’re already in debt or you already have risk from creditors, it’s really too late. At that point, any form of asset protection can be considered Fraudulent Conveyance.

Thank you for sticking with me through this series and taking part in the journey.

I hope to see you in the comments!

If you have any questions about anything in the Bankruptcy Blog Series or anything in the video, please leave a comment below.

For anything super private, feel free to email me at [email protected] – otherwise, do post it in the comments and share so that everyone can benefit from your question and our answers.

See you next time!

And keep an eye out for my books “Financial Liberation” and “You Are Not Your Credit Score” in 2015. 

Read the full series here: Part OnePart TwoPart ThreePart Four, Part Five & Part Six.

Bankruptcy Blog Series {Part 6}: How I Protected My Assets & Rebounded From Bankruptcy Better Than Ever

So, the bankruptcy was filed. Now, the story of how I rebuilt my life and my businesses and protected my assets…

(Get caught up on the whole series here: Read Part OnePart TwoPart ThreePart Four & Part Five.)

So now, the question you’ve all been asking…

How did I bounce back from bankruptcy so quickly and protect my most important assets along the way to make rebound, rebuild and repair easier than you would think?

Before I share the details, let me remind you that it was only two years ago (nearly exactly two years ago in fact) that I filed bankruptcy. Two years later and my work is being supported by companies that are ten times (maybe even 100x) as strong as the companies supporting my work then. I am making far more money than I was even at the height of my pre-bankruptcy success in 2009, the year my former companies were earning just shy of $2,000,000. And, conflict has nearly been eradicated from my life. Contrast that with a life full of conflict prior to the bankruptcy.

Now, I’m not saying that bankruptcy is the solution for everyone. There’s a lot of people who should NOT file bankruptcy. I’ll speak more to who those people are and what kind of debt is not appropriate for resolution via bankruptcy in a future post. But I am saying that when it’s time to let go of anything (whether through bankruptcy, divorce, breakup, or even death), when done well and right, you will be rewarded. As I am being rewarded today.

So, how did I do it well? And what can you learn from it? failures

First of all, I invested my credit in things that could never be taken away from me via the bankruptcy process. My education, coaching, self care, well-being, travel, experiences, and community. Ultimately, I invested in my resourcefulness and creativity. The best part about that is that no matter what happens in your life (unless its death), resourcefulness, creativity, and true community is never at risk.

Second, I didn’t own the pre-bankruptcy companies that supported my work and I don’t own the post-bankruptcy companies that support my work now. All of the companies that support my work, our customers and clients and pay me to do my work in the world are owned by irrevocable trusts of which I am just a beneficiary, but have no direct control over the assets. My stepmom and grandmother each set up a trust for me and it was these trusts that started the companies to begin with. I never owned them, therefore they could never be taken from me in a bankruptcy.

Before you go off thinking I’m some kind of trust fund kid, let me correct that misperception.

My grandfather left my grandmother enough money to live on after he died, if she would have died 10 years ago. She didn’t. She’s still alive. And has outlived her savings. She has social security and kids who make up the difference in financial and personal support. Back in 2005, she put a few thousand dollars into a trust for me and the Trustee of those Trusts used that to start the first two businesses to support my work outside of my law practice, which was owned directly by me.

Then, in 2010, my stepmom created another trust for me and also put in a few thousand dollars of what my dad had left to her after he died. That trust started two more companies to replace the initial two that had not been built properly with the right foundations, team support or structures. Today, those companies are worth millions of dollars and if they are ever sold, all of the sale proceeds will be protected in that Trust, excluded from estate taxation at my death, and totally protected in the event of my death, a divorce or any type of creditor event.  The Trust is set up to exist for generations.

And, so, all of the businesses supporting my work in the world, including my intellectual property, client lists, and the income coming into those businesses, were totally protected and I was able to bounce back from bankruptcy quickly leveraging the resources I had invested in (like my education, my network, and my community) that could never be taken away from me.

I wonder … are you investing in things that can never be taken away from you?

By intentionally setting my life up to be able to take big risks and then taking them, I have been significantly rewarded. And, you will be too, when you do it.

When you know the value of what you offer, invest in long-term asset protection to assure your work serves for generations. Tweet It!

This is the final written post in this series of How (and Why) I Ended Up in Bankruptcy. And it’s been less about the debt, money and bankruptcy, and more about the story of my own personal Heroine’s Journey. 

So many of us are in the midst of some sort of big shift, ripping away of past comforts and beliefs, stretching further than we believed we could. And being rewarded for it greatly.

We come out on the other side better and stronger than we could have ever imagined. 

Thank you for coming along for the journey. I’ll be sharing more details about all of it in a future book, “You Are Not Your Credit Score.”

Next week, I’ll be posting a Bonus Q&A video for the FINALE, where I’ll be answering your biggest questions from this series. If you’ve got a question for me, be sure to post it in the comments below (or on any of the previous blogs in this series) and I’ll personally answer them in the video finale next week. 

Can’t wait!

Big Love,

Screen Shot 2014-07-15 at 7.52.36 PM

Stay tuned for our big FINALE, and keep an eye out for my books “Financial Liberation” and “You Are Not Your Credit Score” plus Get the Financial Liberation Mini-Course here, nowRead the whole series here: Part OnePart TwoPart ThreePart Four & Part Five.

How I Ended Up in Bankruptcy Blog Series {Part Five}: Finally, My Decision to File

We’ve finally arrived to the part in the story where I actually make my decision to file bankruptcy…

 (Get caught up on the whole series here: Read Part OnePart Two, Part Three, and Part Four.)

So how did I ended up in bankruptcy after building two million dollar revenue-generating businesses?welcome to Bankruptcy

First, let’s do a recap of the main decisions that brought me to bankruptcy:

  1. I incurred $250,000 in debt by selling my million dollar a year law practice to a person who didn’t know how to run a million dollar business, and then having to take back the firm and run it out of my savings and credit. {Part One}
  2. I made a $100,000 commitment (with $87,000 put on credit) to join a mastermind program. {Part One}
  3. I had a $100,000+ tax bill that I didn’t have the savings to pay. {Part Two}
  4. I used my great credit score to purchase land (you know, the farm I swore I’d never live on?) I took on even more debt to purchase land & finance the build-out of a farm. {Part Three & Part Four}
  5. I dipped into the last of my savings & credit to produce a life-changing event for entrepreneurs. {Part Three & Part Four}

All of this landed me in over $500,000 of debt. And, I don’t regret taking on a single bit of it. Most of it was used for very good purposes (I learned a tremendous amount from all of it) and yes, there were some frivolous purchases as well. All of it is and has been repaid back many times over as I use what I learned from each of those investments to participate in creating a world that works for everyone.

So now that I had all this debt, I had to make the decision about what to do with it.

Should I negotiate down the debt? Should I make the money using a business model I no longer believed in? Should I file bankruptcy?

What was the truly RIGHT thing to do?

Negotiating down the debt would take a lot of time and energy. PLUS, it would likely stick me with a big tax bill based on the amount of debt forgiven. That didn’t seem like an awesome plan.

Making the money to pay back the debt felt as if it would suck my soul. The business models I had created were not serving at the highest possible levels. I knew I could do better in and for the world. I also knew it would require a degree of letting go that I had not yet previously experienced to discover something entirely knew.

As I dove into the inquiry around “right” I had to give up all of my preconceived, conditioned notions of right and wrong. My conditioned mind told me that the “right” thing to do would be to pay back the debt, of course. But when I felt beyond the conditioning to what would be truly “right” from the perspective of learning the biggest lessons, making the most space for my gifts to come through most powerfully, and most deeply serving the world, I knew that I would have to give up everything I thought I knew, including my brand, my reputation, my image, my ego and do the unthinkable — file bankruptcy.

In reality, filing bankruptcy was the most responsible decision I could make. So, I did.

I consulted with bankruptcy counsel, two astrologers and decided on the most perfect date to file the bankruptcy, August 24, 2012 it would be. And with that, I was given a Fresh Start.

I moved off the farm and back into Boulder and began to rebuild.

Just two years later, my work is thriving more than it ever has before. The lessons I learned in the process of filing bankruptcy have supported me to create businesses that are sustainable, not just for me, but for all the people who work for the businesses and for the people served by the businesses.

I also got to test out the asset protection strategies I had the foresight to put in place many years before bankruptcy was on the horizon, strategies I believe every entrepreneurial risk-taker should be using in their own lives to protect their work, their families and allow for maximum risk-taking and commensurate impact. They worked. While I had to give up all of my personal assets, my business assets were safe and I was able to rebuild again very quickly.

In next week’s installment, I’ll share some of the details of how I structured my assets for maximum protection as well as how I was able to rebuild and recover so quickly and today be better than ever.

I’ll see you then.

There are just a 2 more installments of this series left!

In the next installment I’ll be sharing how I rebuilt and recovered after the bankrutpcy…
I’ve got a juicy FINALE that you’re not going to want to miss!

Stay tuned for the rest of the story in the upcoming installments of this series where I’ll be discussing my decision to file bankruptcy, how I got there and what happened after I did. And keep an eye out for my books “Financial Liberation” and “You Are Not Your Credit Score” in 2015. Read Part OnePart TwoPart Three & Part Four.

How I Ended Up in Bankruptcy Blog Series {Part Four}: How I Ended Up Moving to the Farm

Now that you know where all the debt came from, let’s dive further into my road to bankruptcy…

 (Get caught up on the series: Read Part One, Part Two, and Part Three.)

In the last part of the story, I had hosted an event at my favorite hot springs, investing even more of my debt intending to create something sustainable. There’s just a bit more to tell before I make the decision to file bankruptcy.

So, I returned from Eden Unplugged expecting my new team (handling the business that was supporting the Money Map) to have taken the next step in the business.  We were delivering on our $250,000 January launch, people were happy and ready for next steps.

The team was to have strategized the next launch as well as the launch of our program to train and license other coaches, financial advisors and lawyers to create additional revenue streams and more business for their practices by using the Money Map as a tool with their clients.

Nothing was done. Nothing. Not one thing.

bankruptcy blog seriesI was heartbroken. I honestly cannot remember how I handled it because I’ve blocked it out. It was that painful. I think I just said “okay” took a deep breath and moved on.

That was May. It was beginning to look hopeless.

I couldn’t see a reality in which I could fully give myself over to this transformation and run my business. It was one fucked up thing after another.

The lawyer business shifted into maintenance mode, so that didn’t require much effort and enough came in to just keep it floating along for the most part because the expenses were so low.

But the Money Map/LIFT business was falling apart. The $250,000 launch had been nice, but after affiliate fees and expenses to the team, there wasn’t much left.

We invested around $10,000 to bring everyone into Boulder for a team retreat so we could plan for the next level and zero follow up happened afterward. The entire team would be dismantled within 6 months.

So now it’s June, 2011.

I took the very last bit of my credit and invested it in the farm.

My man on the land created a place that looked gorgeous.

We held a yoga retreat there. We invested in filming on the land for the beginnings of a reality show. We had visioning sessions. And volunteers working the land. The gardens were abundant and gorgeous. The food plentiful. We had pigs and goats.

The events were so much fun. Martha and Timothy got married at the farm. Kimba and Chris became good friends. We had dance parties each solstice. And hosted ceremonies. Sweat lodges.

And people were making their way out from the community.

It was so promising.

But the cracks in the veneer were as massive as my ignorance.

The ceiling of the retreat space was covered with flies because the pigs were right outside the door with the goats just a few feet away. The guys on the farm were high constantly and I wasn’t too far behind. The heated floors never got hooked up to the plumbing and the ceiling began bubbling because our contractor was a fly-by-night drunk.

I didn’t understand the concept of discernment. I had no idea how to be a leader in the new paradigm ways I so desperately wanted to understand. I was the only source of financial contribution on the project. I didn’t understand how to communicate clearly and establish boundaries.

I didn’t understand the nature of addiction. This would be my training ground. It would cost me everything and give me more than I ever thought possible.

I thought we would be able to create a world that worked for everyone.

We didn’t.

By August, it was clear – I could not hold it all together.

My man on the land had started drinking sometime that summer when I made a massive mistake and brought an assistant out from California who turned out to be a total and complete whack job and who I had to pay $1000 just to leave.

But before she did, she went out to the farm and invited him to have drinks with her. He was lonely and probably sad that I was developing a relationship with Craig and not with him and he started drinking.

Four times, I brought him to detox. FOUR times. And he couldn’t stay sober.

There was constant fighting on the farm. A hated T. T hated himself. J seemed happy most of the time, but A and T were convinced he was shirking his duties constantly. K was holding space, but not really doing much of anything else. And the space was getting messy. N was sweet. And Y, a young man who came out from NYC, was willing to do whatever if only someone would tell him what to do. (Yes, each initial represents someone who was living on the farm.)

We flew T’s girlfriend from LA, Yv with the hopes she could exhibit some leadership and create order, but she became just another mouth to feed.

I had a sense they were all just putting in enough energy to make it appear they were contributing, but really were just waiting for the ship to sink so they could move on.

Truth is, that’s probably just a story I created and then saw fulfilled because it’s what I focused on.

It’s very likely that I could have stepped up into leadership in a different way and inspired this ragamuffin group of hippies into something amazing and meaningful, but that was not to be.

bankruptcy blog seriesBefore I could be that kind of leader, I would have to die and be reborn.

I would have to learn how to inspire from desire rather than drive from fear. I would have to learn how to let go, but only of the things that were not mine to do. I would have to learn how to own what was truly mine. I would have to learn to expand my heart more than I ever imagined possible. I would have to learn to express my desires and boundaries, clearly. I would have to learn to say no. And to say yes.

During those days of the community at the farm, I was constantly hearing from everyone (and probably mostly from myself), “Who’s responsible for this? who’s doing what? what is so-and-so responsible for? Is anyone going to fucking do anything around here?”

Turns out, no, not really. Once T started drinking, that was the beginning of the end.

As the Summer of 2011 came to a close, things started to get really ugly (and incredibly beautiful at the same time). Ah, paradox.

My landlord in the Longmont house decided he wanted to sell the house. He wanted me to buy it. I considered it, seriously. It was a beautiful house. But I never really felt at home in it. It just felt too big for me. Cavernous. And separate. I really prefer old, cozy homes. I do miss that bathroom though. That was the only part of the house I really loved.

Plus, the suburban families who lived on the double cul-de-sac fanciest sub-division in Longmont on Lake Macintosh weren’t liking that my house was starting to become a hippie haven.  My friends Annie, and Ben, their son Seamus, and their two friends, all moved in with us to fill up some of the space in the house and to support the next level of my transformation (or dying as I had begun to understood it).

The neighbors weren’t happy.

And I couldn’t both buy the house and continue to support the farm. I’d have to choose. Big, fancy house. Big mortgage. More of the same. OR move to the farm. Cut my expenses to the bare minimum. Discover who I am if money is taken out of the equation.

If it wasn’t for my partner, Craig, and my sister savior, Annie, I wouldn’t have had the courage to do it.

With their support, I decided to do what I swore I would never, ever, ever, ever, ever, ever in a million years do. I would move to the farm.

Come August 2011, I was moving to the farm. I swore I never would. I couldn’t believe it was happening.

But, I had so much to learn. And the only way to do it was to go within and discover what I didn’t know and couldn’t see.

For example, I had no idea how to ask for help moving, so instead of making a clear request of the community I had only begun to get to know, I threw a moving sale and then when my friends showed up, I tried to rope them into moving stuff for me. Awkward. I really had no idea how to be in the world.

That was why I needed to leave the world for a while. I had to learn to live in it.

So, I did.

One of the things I now realize is that part of the reason I couldn’t keep expanding was that I didn’t appreciate the people supporting me in my life and began to feel burdened by them and their needs.

Part of the reason I contracted was so I wouldn’t be able to support everyone anymore. I had to test out the question I had first raised with Hitch, “would I still be loved if I stopped paying everyone in my life?”

It turns out, for the most part, yes.  Some people fell away and I learned that they were not my friends to begin with.

I moved to the farm. I cut up my credit cards. I fired the last of the people I was paying to support my life. And I learned to live the cash lifestyle.

It turns out that I would be even more loved, in a myriad of different ways, than I had ever imagined possible.

The next year would be the most transformational of my life.

>>Read the next installment of this series here.

In the next installments I’ll be discussing my actual decision to file bankruptcy and how I rebuilt so quickly.

Stay tuned for the rest of the story in the upcoming installments of this series where I’ll be discussing my decision to file bankruptcy, how I got there and what happened after I did. And keep an eye out for my books “Financial Liberation” and “You Are Not Your Credit Score” in 2015. Read Part OnePart Two & Part Three.

How Alexis Neely Ended Up In Bankruptcy {Part One}: From Million Dollar Business to $500,000 of Debt

This is the first post in a series of How (and Why) Alexis Neely Ended Up in Bankruptcy. Ultimately, it’s the story of my own personal Heroine’s Journey. In this segment, I share where the debt came from and how a business owner who built two million dollar businesses could get into so much debt, so you can learn from the experience.

So many of us are in the midst of a big shift.  

This shift is going to take a ripping away of past comforts and beliefs for many. The good news is that the other side is way better than I could have ever imagined. And it can be the same for you as well.

Stick with me here and I’ll guide you through …

Many folks have wondered how I ended up in bankruptcy after building two million dollar businesses and how I was able to rebuild so quickly after the bankruptcy (I filed two years ago and today there are 4 businesses bringing my work out into the world bigger and better than ever before).

I’m writing a book about the whole experience. I finally sat down to write about the very beginning of the financial crisis (that led to total financial liberation) and here’s that story:

When I really consider the root of the debt that led me into bankruptcy, it starts as far back as 2008, when I sold my law practice.How I ended up filing bankruptcy

I had a million dollar a year law practice full of happy clients and a kick ass team. And, I made a major mistake by selling it to a man who had never run a million dollar law practice before. I seriously underestimated how important that one factor was.

You see, it takes something far different to run a million dollar law practice than it does to run a $100,000 law practice. That something is not something that comes easily, it must be grown into. And Art, the guy I sold my practice to, didn’t have time to grow into it — it was thrust upon him in June of 2008, when we agreed he would buy me out of the practice over time, using the revenues from the firm to keep it going.

I thought it was a sure deal. I had the marketing systems in place, hired him a marketing coordinator who was amazing, we had a great team to run the machine that served the clients, and, well, what else could he need?

Within two months of taking over, he slashed and burned costs because what it really takes to run a million dollar business is a willingness to write checks for expenses in the neighborhood of $500,000 to $750,000.

Art didn’t have back up capital and he wasn’t used to writing big checks, so he started cutting expenses. First, he cut the marketing coordinator. Then, the marketing costs.

By the end of 2008, Art was out of money and the new client flow had all but slowed to a trickle. On December 31, 2008, Art called me into the office and said “Alexis, I’m out of money and I can’t continue to run the firm. You can either take it back or close it down. I’m out.”

I couldn’t take it back because I had already moved on. There was no way I could put my energy back into seeing clients on a one to one basis or manage the day to day operations of the business.

My second business, educating families and their lawyers about how to plan for their whole family wealth, had taken off. I had a best-selling book on the market. I was appearing on television all over the Country. And, I couldn’t go back.

At the same time, I couldn’t just close it down. I had clients and team members who were counting on me. I had chosen Art to buy my practice because I believed  he would treat them right. I was wrong and I couldn’t let them suffer the consequences.

I’d have to eat it myself.

So, I took back the firm and ran it out of my credit and savings for 6 months while I transitioned the clients to lawyers I had already trained on my systems throughout the Los Angeles area and I supported my team members to find new jobs.

That was a $250,000 hit. And, it was the right thing to do.

Bankruptcy: My Heroine's JourneyTo make matters worse, that hit came directly on the heels of having made a $100,000 commitment (with $87,000 put on credit) to join Ali Brown’s Diamond Mastermind program. Had I known Art was going to give me back the firm, I never would have joined the Mastermind.
So it’s really a great thing that events happened in the order they did.  Joining that Mastermind was one of the best decisions I ever made. But, it was an investment I thought I would easily repay with Art’s payments to me. As we now know, those payments never came.

And, that was just the beginning. By the time I filed bankruptcy, I would clear $500,000 of debt.  Most of it used for very good purposes (yes, there were some frivolous purchases as well) and all of it being repaid back many times over as I use what I learned from each of those investments to participate in creating a world that works for everyone.

Now it’s your turn! Leave me a comment below with your thoughts..

>>Read the next installment of this series here.

Stay tuned for the rest of the story in the upcoming installments of this series where I’ll be discussing where the rest of the debt came from and how I was able to rebuild so quickly and easily. And keep an eye out for my books “Financial Liberation” and “You Are Not Your Credit Score”. Read Part Two of How Alexis Neely Ended Up in Bankruptcy here.