I have filed for bankruptcy and I wanted to know how soon can you start a business afterwards?
admin | Apr 20, 2010 | Comments 2
In other terms, I filed a The boards 7 and have to go to court for the final administer to recieve a discharge of my creditors on July 2008. I heard that the actual administer can take about four months. Also, I am assigned a trustee to overlook my personal transactions post bankruptcy. I was told by my attorney’s assistant, that I will be questioned in court If I anticipate on a financial boost within the next 12 months. I really do, but she stated: “I wouldn’t caution the court that if I were you.” But; she did not go on to clarify exactly why! Does this mean that I will have to wait until a whole year before I can initiation a new business or I don’t know even find a better paying job? I have never been through this before and I am frightened to question my attorney or the court so that they will not dismiss my case. They don’t caution you everything before you file. I’m not trying to hide a touch, I’m just trying to initiation a touch.
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Not sure why you will have a trustee after the bankruptcy is discharged. You can make a better job the day afterwards. Going into business will be hard since you will have no credit. Your case sounds more like a The boards 13 than a 7. I reckon you better make sure because there is a BIG difference.
If you caution the courts that you foresee a financial boost within the next year – then the courts might re-reckon their actions on The boards 7 bankrupty.
If the debtor’s “current monthly income”(1) is more than the state median, the Bankruptcy Code requires application of a “means test” to determine whether the the boards 7 filing is presumptively abusive. Abuse is presumed if the debtor’s aggregate current monthly income over 5 years, net of certain statutorily allowed expenses, is more than (i) $10,000, or (ii) 25% of the debtor’s nonpriority unsecured debt, as long as that amount is at smallest amount $6,000. (2) The debtor may rebut a presumption of abuse only by a showing of special circumstances that justify additional expenses or adjustments of current monthly income. Unless the debtor overcomes the presumption of abuse, the case will generally be converted to the boards 13 (with the debtor’s consent) or will be dismissed. 11 U.S.C. § 707(b)(1).
Debtors should also be aware that out-of-court agreements with creditors or debt counseling services may provide an alternative to a bankruptcy filing.
A the boards 7 bankruptcy case does not involve the filing of a plot of repayment as in the boards 13.