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What does chapter 7 bankruptcy mean for entrepreneurs?

On Behalf of | Apr 5, 2017 | Chapter 7

If you own a struggling business in Oregon, you may associate bankruptcy with the end of the line for your entrepreneurial spirit. However, sometimes getting out from under impossible financial circumstances through a chapter 7 bankruptcy may free you to go on to better things. According to Nerd Wallet, that approach has worked for more than one small business owner who fell victim to situations beyond their control.

The key to your success after bankruptcy will depend on your personal goals and other factors, but for one entrepreneur, the answer was to create a tight budget and get a secured credit card. She pursued a new line of business that capitalized on her experience and expertise without requiring her to locate extensive start-up capital. Meanwhile, she made regular payments on the credit account until she qualified for an auto loan, and then eventually, an unsecured credit card. By the time the bankruptcy came off her credit report, her good credit score had been reestablished, as had her position in the business world.

You may find that reinstating yourself in business can be done without seeking traditional loans. In the case of one property flipper, a bankruptcy prevented him from borrowing money to purchase homes as he had before filing. Instead, he flipped homes owned by other people until he could start his own company again. He took advantage of the benefits of a secured credit card to rebuild his credit rating, as well. This information is provided to give you an idea of options that others have used to pursue their business goals after bankruptcy. It should not be interpreted as legal advice.

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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 23 years.