top Ad Widget



No announcement yet.

Startup funding for small business

  • Filter
  • Time
  • Show
Clear All
new posts

    Startup funding for small business

    I am in an active chapter 13, I was excited about the small business that I wish to start online, but to my knowledge I am unable to get a startup business loan, because of my open bankruptcy. I know there are micro loans, for as you may know I am unable to receive funding for those as well. Any ideas as to what other options I may have? Or is my only option would be to borrow from friends and family, which is not an option at all. I would hate to think that I would have to wait until 4 years from now to try and get a micro loan or better yet 5 to 6 years from now, because many of the micro lenders are requesting that your bankruptcy has been discharged for 1-2 years. Overall, I'm just wondering has anyone been down this road and what suggestions you may have.

    years ago we were able to change from a business to "hobby sales" (we sold online and on ebay as a registered business (antiques /collectibles, etc) back around 2000 through 2005 - way before we knew it could be done up to $XX amount per year under a hobby. Of course, things have changed in the past 11 years, but it's something to check into.

    Also - if you open a business that operates out of your home, make sure you check with your home owners insurance prior to doing so. There are major issues with doing so w/out changing the policy to accommodate.

    As to the Ch. 13 side of things - unless you're in a 100% payback to unsecured may end up paying any proceeds from sales into your plan. Ask your attorney before doing anything ;)


      Business funding in active 13, not likely, especially for a "start-up."

      How much money are we really talking about?

      Since you are in an active 13, I assume you have a source or regular income, so as a practical matter, do you really have time? I don't care how "turn key" or "part time" a business may seem, to actually make it work and succeed, it always takes a much greater investment in time than you think; nothing is ever "that easy."
      Last edited by HHM; 04-24-2012, 09:37 AM.


        Originally posted by HHM View Post
        ..I don't care how "turn key" or "part time" a business may seem, it always takes a much greater investment in time than you think; nothing is every "that easy."
        Very very true....which is why we got out of it - too much paperwork, time, etc - even as a "hobby".


          Taking a loan from friends and family is not a bad option. In bad times, you should share your worries with your loved ones.


            At Least, you have to try once more asking your family or friends for the fund to start your small business. Maybe this time they will give some amount.


              SamuelKenne please re-read the forum rules on re-opening old threads especially when they are more than 5 years old.
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog

              Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.


              bottom Ad Widget