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Business Debt/starting a new business after personal bankruptcy
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Question
Can a person start a new business 2 years after filing for bankruptcy? Will it affect the business receiving credit to start. Is there a credit rating after bankruptcy?
Casey:
Thank you for your inquiry. To the best of my knowledge you can apply for a business license and open a business at any time. If you incorporate the new business and take time to establish real business trade lines of credit, than your bankruptcy should not be an issue. If you intend to start a business utilizing newly attained credit as start up or working capital, than you may need to look into if you are able to find sources of money before you begin. If you really want to begin a business correctly, so your chances of success are optimal, than you should begin with a business plan. If you don't know how to do one you may want to contact your local office of SCORE, please visit www.score.org for more about how their no cost business counselors can help put one together. With plan in hand, a bank might be willing to take your credit needs more seriously because they will be able to discern how you may be able to repay them over time. One bankruptcy in a lifetime is enough. Your best bet is to plan for success and utilize as little credit right now as possible until you begin to realize some income from the new endeavor. I hope you found this advice helpful, best of luck in your new business.
Respectfully,
Christine Janklow
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Answers by Expert:
Christine Janklow
Expertise
As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.
Experience
My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.
Organizations
Provisors;Turnaround Management Association; Los Angeles area
Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."
Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising
Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.
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