Jul

3

Hi, I just started a small home based business and about 3 years ago I filed for bankruptcy, but it was person

Filed Under Personal Bankruptcy 


  
anonymous asked:


personal bankruptcy! Something totally unrelated to my new business! However, when I try to apply for a business credit card, I keep getting denied cuz of my personal bankruptcy (I guess they use my ssn cuz it’s a proprietorship versus an LLC. or corporation). Am I totally hosed? Or should I open a debit card thru my bank with my business name to keep track of my records? But, how do I keep seperate my deposits from my current job versus my new business? Thank you :)

[chapter 7 bankruptcy]http://rexkaufman6721.blog.com/2009/05/08/does-chapter-7-bankruptcy-differ-from-chpater-13/

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Comments

7 Responses to “Hi, I just started a small home based business and about 3 years ago I filed for bankruptcy, but it was person”

  1. bilbobagsend on July 6th, 2009 6:48 am

    [how to file bankruptcy]http://jaienahey.livejournal.com/559.html

    debit card = your business income into separately

  2. A C on July 6th, 2009 11:57 pm

    What Is Chapter 7 Bankruptcy?

    your in business so pay yourself a salary

  3. girlwhoknowsitstrue on July 10th, 2009 12:06 am

    Does Chapter 7 Differ From Chapter 13?

    If you went into bankruptcy, then you had money problems – so your business may also have money problems. That’s why the bank won’t issue you a credit card.

    You don’t need a credit card for a business – you can just open a checking account – and if you buy on the internet, link it to a paypal businss account.

    Rule number one – do not ever use your personal bank account for businsess, or vice versa, or you can get in trouble trying to prove to the IRS that you dont just have a hobby.

  4. robert w on July 11th, 2009 10:07 am

    http://www.zimbio.com/chapter13bankruptcynow35/articles/4/Chapter+7+Discharge+Bankruptcy

    with a ‘home base’ biz open a separate checking account and put all cash in -in it.
    do not mix moneys.
    use cash only no credit – credit is best way to shaft ur self.

    heck in the old days we used seperate cash boxes. techincally u do not need accounts. u do need GOOD ledgers.

  5. G N A on July 14th, 2009 11:11 am

    Learn About Bankruptcy

    Your personal information will continue to show up as long as you are a sole proprietor and having an Llc or corporation will not help because until the business is established, you will be the one the banks will ask to sign a personal guarantee.

    Open your bank account and put your ‘aka’ business name on the account. When you make a deposit from your business, in the memo section or somewhere on the deposit slip, put the name of the business. This will make it easier when you want to see how much money you’ve made. Also use the memo or back of any checks you write for the business.

    Personal bankruptcy remains on your personal credit report for some time, up to 10 years or so. Setup your bank account, keep strict records your first 3 years (as noted above), then sit down with a personal banker (not a teller) at your bank showing them consistent business activity. It goes a long way in having the bank help you get
    re-established.

  6. forever-35 on July 16th, 2009 6:49 am

    [Filing For Bankruptcy]http://yeetoe.blogsome.com/2009/04/27/before-filing-bankruptcy-think/

    Hi,

    You should try a separate bank account for your personal finances, and another for your business.

    Keep track of everything that is related with your business, separated from your personal finances; and document every single transaction that your business generates. Save every receipt and other documents.. Believe me it will be helpful if you record every small or big detail of your home business. More if you are looking for money to invest in your venture.

  7. Lesley on July 18th, 2009 3:57 pm

    [how to file bankruptcy]http://jaienahey.livejournal.com/559.html

    When you file bankruptcy it applies to ALL debts and assets in your name, not just personal debts. If you didn’t have a corporation or LLC all the debts and assets are in your name. All your business debts were discharged, and if you didn’t disclose your business assets in the bankruptcy, that is a whole other problem in and of itself. If you want to keep things separate from your business, you should not be a sole proprietorship. I’d recommend consulting an attorney that specializes in business organization.