Asked 6/30/2008
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How soon can i start a business after my bankrupcty is discharged? I have filed for a chapter 7 bankrupcty and am awaiting my discharge. However; I would like to start a business soon. When am I able to start a business after bankruptcy? |
Answer 1/1 - Submitted 1/30/2012
A discharge does not mean a bankruptcy is completely finalized. A debtor should wait for the court to enter the final decree and close the case before starting a new business.
The court usually enters their final decree a month or two after the discharge is entered. However there can be situations where the trustee is seeking to recover funds and the bankruptcy case can remain open for a year or two after the discharge is entered. To find out for sure, a debtor can call their bankruptcy attorney or the court and ask if the final decree has been entered or not.
If a new business is started while in bankruptcy, it would be considered a new asset and would have to be disclosed on the bankruptcy schedules.
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