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    3 Replies Latest reply on Aug 11, 2008 9:25 PM by slmoore1126

    Is there life after bankruptcy for a small business?

    slmoore1126 Newbie
      ` !`1Hi everyone,

      I have posted here before and really didn't find the answer that I was looking for at the time. My business is doing well so far but, since I have filed bankruptcy I was just wondering if I could ever get a business loan? I was told since I filed a chpt 7, I would have to wait two years before I could ever ask for a loan. I filed the chpt 7 to try to clear up my personal credit but, I have a feeling it was the worst thing I could have ever done.

      I just wanted to know, is there life for a small growing business after bankruptcy? Everyone wants to see my personal credit and when I tell them I just filed bankruptcy and it won't be discharged until Feb 09, they act as if I have the plague. Did I really mess myself up when I filed bankruptcy? Will I really have to wait two years before I can ever get a loan or line of credit for my business? Just some questions I wanted to ask.

      Thanks for your advice,
        • Re: Is there life after bankruptcy for a small business?
          Worldwide Newbie
          In my line of business your word means everything, if you did not pay what you owed the first time why would it be different the next. It is not the end of the world you just have to rebuild your trust level with those business. Look us up we can help but you on the right track.
          1 of 1 people found this helpful
          • Re: Is there life after bankruptcy for a small business?
            Milleisen Scout

            It will be on your credit report for longer than 2 years. Straight from "Chapters 7 and 11 are reported for 10 years. Credit accounts may be deleted at different times depending on their status prior to being included in bankruptcy. " Unless there was a severely extenuating circumstance (like you were hospitalized), you chances of qualifying for bank credit in the near future are going to slim.
            1 of 1 people found this helpful
              • Re: Is there life after bankruptcy for a small business?
                slmoore1126 Newbie
                Thank you Worldwide & Milleisen.

                Yes Milleisen I did have a rough patch in my life. I got married and my ex-husband put a lot of things in my name because his credit was tore up from the floor up and I didn't know anything about credit. What is was, what it meant, how it affected you or anything like that. Everyone wanted to give me the world because they said I had "ghost credit" or "no credit". Then we got divorced and everything fell on me because they had to put my name first since I was the one with "no credit" and his was shot.

                When we went to court for the divorce, I was so happy to get away from his abusive ways I didn't look at the fine print in the divorce decree I just signed it. It stated that everything that was in my name was my bills and everything in his name was his .... he didn't have any because the companies put everything on me. That was the start of my rough patch. Then I had a child ... the best moment of my life but, I had complication and had to have surgery. Then I had 2 more major surgeries. Then I had 5 small surgeries and I am due for another major surgery this year on my neck. I have a nerve that is messed up in my left arm and they think it starts from my neck because of the MRI photos. God's willing I will make it through this one just like the others.

                I have really learned my lesson and learned a lot about credit. How it affects you and how to keep it in good standing. I have to go through credit management classes because of my bankruptcy. Now I know if you can't afford to pay for it don't charge it. But I feel that I have learned this lesson too late in life. I am 39 years old and I have never bought a car nor a house. I have never borrowed money from a bank before. I have never had a credit card with a high credit limit. But I ended up in bankruptcy court. Some of the things on my credit was even identity theft. I guess you can say that I just go hit with a triple wammy. That is why I am trying so hard to learn from my mistake and keep my personal info out of the public eye. I don't really buy anything off the Internet and I don't give out my info over the phone anymore as well.

                I know you may say, if I messed up my personal then I will mess up my business as well? That's not true. I've notice in business you have to be on the up and up, don't you go to jail. I don't look good in orange or stripes. Plus I don't want that on my record, the bankruptcy is bad enough as it is. I believe this bankruptcy has taught me a great deal and my business will never have a bad name if I can help it.