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Question: Starting a business but filed bankruptcy?

(Posted by: Lara on 2010-03-12 10:56:27)

My dad has always been a business man but has never been able to own one for himself. My mom has her own bail bonding business. Okay so there's this little old store by my house that's pretty much abandoned. Been that way for years. My dad would like to buy it and turn it into a family owned store. Selling things like fishing bait, meat, and all kinds of other things mostly dealing with hunting and fishing since we live in Louisiana. The only other store we have like that in our city is Wal- Mart and they barely carry some of the things we'd sell. It's pretty much guaranteed success because of the area we are in. Lots of fisherman and hunters. Problem is, a few years ago my parents filed bankruptcy. Is there any way we'd still be able to get a business loan? Also, I turn 18 in 11 months. If I was to put the store under my name, would I be able to get a loan for it since I have a clean record?

Posted by: Nat B on 2010-03-12, 16:32:38

Your parents could research Business Angels - people who have money to invest in businesses with people like yourself. You can go through an agency which is like a "dating service " where you supply a profile of yourself and business and you get matched with potential investors. You need to work out your business plan, but if your dad has always been a business man, he should have no trouble in doing that! Nothing is impossible, remember that!

Posted by: Common Sense on 2010-03-12, 11:06:34

You just asked this question a few minutes ago...my answer hasn't changed.

Posted by: WRG on 2010-03-12, 11:55:28

Few banks will make unsecured loans for start-up businesses. Most start-ups are financed by home equity loans or savings. To have any chance at all you are going to have to have perfect credit, a relationship with the bank and a track record in business.

Posted by: Doctor Deth on 2010-03-12, 12:51:47

YOU won;t be able to get a loan and new business loans are very hard to get for anyone - especially without a business plan