How Soon Can One Start A New Business After Filing for Bankruptcy
One can start a business the day after filing for bankruptcy or after the bankruptcy has been completed, depending on state laws. Be aware that a new NAICS code should be used for classification of the business after bankruptcy. If a similar business was closed shortly before opening the new one, it may cause legal problems from creditors.
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Bankruptcy is a custom affair with each situation being unique to that business. It all depends on the company, its debt amounts and continuation issues at hand. Does the business have other lines of credit that can be willingly reduced, without ...
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