Many people who want to start fresh after bankruptcy aim to do so by reopening a business or starting a new company that will help them reestablish themselves financially. Both of these options are possible in the wake of bankruptcy, and luckily, a person’s personal credit history will not usually directly affect his or her ability to open a business. However, those who want to claim sole proprietorship of their company may find it difficult to get approved for a loan, and will need to follow a series of steps to rebuild personal credit history and prove financial responsibility to lenders.
Business
The Four Riskiest Business Types and Why They’re a Risk
The four riskiest business types are identified based on the types of risk incurred.
Can a Company Voluntary Arrangement save your business?
The last thing you want for your business is for it to be dragged down by a history of debt.
Running a Business after Bankruptcy
When a company declares Chapter 7, 11, or 13 bankruptcy, that business effectively closes.
How to Start a Business after Personal Bankruptcy
Generally, a history of bad credit and personal bankruptcy will not affect a person’s ability to start a new business.
How to Secure a Business Loan after Bankruptcy
While it is difficult to obtain credit after going bankrupt, it is not impossible.
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