Your client is in deep trouble.
He's been living way beyond his means for a long, long time. He has a mountain of debt, maybe more than he could pay off in his whole lifetime. True, he has some nice things to show for it, but much of the money was spent on frivolous or wasteful items that never provided any real benefit - maybe they seemed like a good idea at the time, but now they just look dumb.
His income is down because his industry isn't competitive anymore - they were lazy and complacent and have lost their market position. They were slow to read market trends, because they thought they were the ones setting the trends, and they missed a lot of opportunities. Their focus continues to be on executive compensation packages and stockholder benefits - they could care less about the backbone of the business: their employees (who, by the way, have a union, but it isn't a very good one - their leaders are also more concerned about executive compensation and personal power than the people they represent.)
His assets are a mess, too. A lot of the hard assets are suffering from major deferred maintenance issues, and there is no way he can take on those obligations at this point. His paper assets are a shambles - accounting trickery, overvalued junk, and worthless blue sky that once was valuable but has been degraded by the public nature of his profligacy.
Your client doesn't have any credit left - he's maxed out all his credit cards, used up his heloc, and even has a couple of "payday" loans nagging at him. And he can't make the payments on what he owes without borrowing more. If there were a way to do that, it's obvious that he would only be digging a deeper hole.
Maybe the worst part of the problem is his attitude - he feels "entitled" - none of this is really his fault and what's happening to him isn't fair. He just wants to get back to his comfortable life. As a matter of fact, he's even angry that he has to deal with this stuff. He's in denial about the seriousness of it, and has become evasive, untruthful and self-serving in his attempts to avoid confronting it.
Your client wants you to solve his problems. But there are some conditions - any solutions can't really be too painful. They can't seriously affect his lifestyle and he doesn't want to make any real sacrifices. So forget about credit repair - he's not ready for that brand of tough love. He's convinced that there is an easy way to fix these problems and make this annoying situation just go away. He would settle, however, for just deferring it into the future for a while - maybe things will somehow magically get better if he can just buy a little time. So he wants you to help him get more credit.
He's your client. What do you do? Do you even want to help this guy? You've done really well by him over the years. Are you going to walk away? Do you have a miracle ready?