163: When Bad Debt Happens to Good People with Jorge Newbery
Debt is like a lethal weapon. It can be used for good and it can be used for greed. It can be used to create wealth and it can be used to destroy it.
In short, debt is nothing more than a tool. The problem is that a fool with a tool is still a fool. Debt gets a bad name because of this.
But the reality is that, in skilled hands, debt can be used to create unlimited wealth. In Investor Club, we use debt to create the extraordinary strategy of infinite returns. We also use it in Wealth Formula Banking and Velocity Plus. Debt is the weapon of the wealthy.
Unfortunately, it is also the opioid of the poor who often use it to pay their bills. In situations like that, debt can be downright deadly.
That said, like a loaded gun with good intentions, sometimes debt can explode at unexpected times and create unexpected casualties. That’s why it is always important to respect it and fear it… just a little bit—like driving a motorcycle. If you don’t, it will take you out in a flash.
Many smart entrepreneurs have experienced this first hand and gone through the painful process of dealing with the repercussion of good debt gone bad.
Jorge Newbery is one of those guys. He is a serial entrepreneur and, using debt, was worth millions of dollars as a real estate entrepreneur. Then it suddenly went south—literally an act of nature took down his empire.
A lesser entrepreneur would have been wiped out for good. Not Jorge. Not only did he overcome the debt, but he built an entire career based on it. And he’s got fantastic insight on how to deal with it now.
Debt is a big part of getting rich. Learning about it is a key to becoming wealthy. That’s why you should listen to this interview with Jorge Newbery now.
Jorge P. Newbery Is On A Mission To Help Americans Crushed By Unaffordable Debts.
He is Founder and CEO of Debt Cleanse Group Legal Services, a nationwide legal plan to help consumers and small businesses get out of debt without filing bankruptcy. He is also Chairman of American Homeowner Preservation LLC and AHP Servicing LLC, which crowdfund the purchase of nonperforming mortgages from banks at big discounts, then share the discounts with struggling homeowners. He is also a non-attorney Partner in Activist Legal LLP, a law firm in Washington, D.C.
A 2004 natural disaster triggered the financial collapse of Newbery’s former business, leaving him with $26 million in debts he could not pay. Newbery rebuilt himself through AHP, sharing what he learned from his challenges to help families at risk of foreclosure stay in their homes. In 2018, he founded Debt Cleanse Group Legal Services to assist consumers and small business owners settle all types of debts at big discounts – and not pay some at all, He is also a Board Member of the Group Legal Services Association.
He authored Burn Zones: Playing Life’s Bad Hands; Debt Cleanse: How To Settle Your Unaffordable Debts For Pennies On The Dollar (And Not Pay Some At All); and Stories of the Indebted.
- How Jorge got into the Debt Industry
- Creditor errors that led to getting a 5.6 million dollar debt extinguished
- What is bankruptcy?
- Why filing bankruptcy may not be the best solution for a failing business
- Jorge talks about “Good Debt”
- Debt Cleanse: How To Settle Your Unaffordable Debts For Pennies On The Dollar (And Not Pay Some At All)