I have a client that just finished his personal bankruptcy and business bankruptcy. Can he start a new business? I know that he cant file another bankruptcy petition within the next 7 years.

Yes he can. He just has to start it all over again. He will need a new name, ein # and logo. For example, i think it was United Airways, or some airlines that just file for BK, they are going to change their logo and alter their name and continue to fly poeple around the world, just as they did before, and charge and arm and leg for the flight without having to pay back the debt they currently have. What a great scam.

the only problem is the only ones that get hurt are us. Because when you are talking about a big outfit like United, the previous suppliers probably charge them a little extra for all of its purchases for fuel, etc.. I mean there are only so many suppliers that can handle a client that big. But, as for the little guy, yeah, it is a great scam. Even though I do not think that most people intentionally get themselves in a bk situation. I would imagine most would avoid it, if at all possible. Just my two sense.

The problem with starting a business after filing bankruptcy is that its very difficult to obtain financing. Credit card credit is loan and banks wont lend unless you have substantial collateral.

The hardest part about starting a new business after bankruptcy is obtaining credit. If you cant obtain private loans, then try a SBA loan.

What is the best way to get a loan or line of credit after bankruptcy? Is SBA loan the best choice? Are there any federal grants available to small businesses and if so, what areas of business are the grants available?