About a year ago my wife and I filed for bankruptcy. I am interested in beginning a business idea as soon as we are able. It will require financing. We havew made great strides in our credit as far as paying all bills ontime and so on. Are we screwed or do we have light in our tunnel BEFORE we reach the ten year mark?
YOu may have some difficulty with the banks on that one. BUT, there are other possibilities.
First,and foremost, you MUST have a complete business plan, along with a personal financial statement, minimum 2-3 years personal tax returns, and definitely, include a summary explaining prior/past credit problems.
In my experience, a bankruptcy does not have to be the ice-breaker for financing. It really depends on the bank, the circumstances for filing, etc.
Go in with a strong business plan, realistic explanations, ect. and it could still happen.
Start with your local Small Business Development Center. They are awesome for business mentoring.