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What Is BusinessBankruptcy? If you’re struggling to pay off business debts, filing for businessbankruptcy might help. Business owners can file for Chapter 7, Chapter11, or Chapter 13 bankruptcy, depending on the business’s debt levels and financial situation.
Whether you’ve gone through a personal or businessbankruptcy, lenders will consider past bankruptcies when making a loan decision. This post will cover common questions about bankruptcy and how it impacts your loan application. Can you get a business loan after bankruptcy? Types of bankruptcy.
The biggest consideration for card issuers is your personal creditscore—if you’re responsible with your personal debt, as indicated by your credit history, you’re lower risk for a businesscredit card. After all, you are the one in control of your business’s finances. One drawback of this approach?
If you truly have no other options, a merchant cash advance will work, since many MCA providers accept bad credit. On the other hand, one of the benefits of a merchant cash advance is that it won’t hurt your credit history, either. There are three options when filing for businessbankruptcy: chapter11, 7, or 13.
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