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I filed a CH 13 about 1.5 yrs ago. I am married and we both work. Its tough making the 13 payment and the mortgage, we are behind on both. We had a mistake on our original petition and so its been getting modified and what not and that is why I think with us being like 6 months behind on the morgtgage, the bank hasn't filed for relief and started foreclosing. Now that the payment is finally set I think they may want to foreclose if we don't get caught up. I am told that they will only let you get 3 months behind and they will file for relief from the automatic stay. When I call the bank they act like they can't tell me anything. I am in the process of trying to open a side business and I am running into some road blocks because of the bk. Higher ins rates and inability to get a contractor account at electrical supply stores. I have been studying business for quite some time now and want so badly to have my own business. My wife and I both have the same dream to run a brewpub type business too in the future. Is there any hope for something like that being in the financial situation we are in? Business loans are out of the question, for now anyway. Has anyone secured a business loan after discharge? If so, how long after? All I want to do is get back on track and be on time with payments and try and do what I can to build credit. I realize that owning a restaurant in my situation would not happen for many years but I would like to make it my ultimate goal. Or is this probably not likely a possibility? Any help is appreciated.

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I realize that owning a restaurant in my situation would not happen for many years but I would like to make it my ultimate goal. Or is this probably not likely a possibility? Any help is appreciated.
There are some very prominent successful people that have had a bankruptcy at one time or another in their lives. Certainly you'll get credit at some point. Right now you have three HUGE strikes against you- two of which you can't control. 1) There is a recession and lenders are smartly tightening up after a decade of giving out credit to anyone who could fog a mirror. 2) Business loan are generally very risky as it is. Most fail within one year. The vast majority don't see a five year anniversary. 3) You are in bankruptcy and cannot (should not) give personal guarantees. Creditors will likely require this for any lending until you establish a profitable business.

So clean up your personal credit situation. Get the Bk behind you. And day one out of the BK, start rebuilding your personal credit. You'll need it. There is good methodology to the post-BK credit repair on this site. No shortcuts, but you'll have generally decent credit after 1-2 years. Until then, you'll have to pay cash for electrical supplies unless you can find a supplier to work with you.

I think your brewpub dream is totally attainable. I suggest sitting down with your spouse and putting together a 1 yr plan, 5yr plan, and 10 yr plan complete with very detailed financial and non-financial information. You need a roadmap to know how to get where you want to go. To implement your plan, you'll need substantial savings and good credit- totally manageable over a period of time.

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Thanks for the advice. I tend to just get caught up in the hopelessness of the situation when I should be looking down the road and planning. That's a great idea about the 1, 5, and 10 year plans. Thanks again I feel a little better now.

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  • 2 weeks later...

i filed chp 13, in 07, converted it to chp 7, lost my house, car. i now drive a beater, rent a town home and couldnt be happier, im still working out all of the things post filing like cleaning up the credit reports and all that good stuff.

nobody strting at the top of the mountain they had to start at the bottom and work thier way up.

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