After filing bankruptcy, a person is free to start any business they choose. Laws do not limit filers' business opportunities after they file for bankruptcy.
Some people, though, may not be able to obtain a small business loan immediately after bankruptcy. As a result, many individuals focus on rebuilding credit before starting a new business venture.
Improving one's credit score is crucial for seeking funding sources for a new business. To rebuild their credit after a bankruptcy discharge, many people:
Once bankruptcy filers rebuild their credit, banks will often be more amenable to offering loans. With these loans, new business opportunities may present themselves.
While rebuilding one's credit is one of the key steps after filing bankruptcy, there are other ways individuals can improve their odds of opening a business after bankruptcy. These include:
Bankruptcy is designed to help eliminate debts, which may allow hard-working individuals to seek new business opportunities.