Doing Business After Bankruptcy in Oklahoma
Doing business after bankruptcy may be more difficult, but it is far from impossible. Your business’ credit options may be severely limited after bankruptcy, but many of Oklahoma businesses have gone on to be successful and viable enterprises after having gone through bankruptcy.
Business after bankruptcy will require you to develop some new habits and be much more diligent when it come to your finances. You will also need to think ahead in order to anticipate potential financial problems before they are unavoidable. What follows here are a few tips to help you get started on the path to business success after bankruptcy.
Have a plan
If you have filed Chapter 13 Bankruptcy, you will have had to reorganize your debt and adhere to a strict repayment plan for the duration of the bankruptcy. After bankruptcy, try to keep your business on the same budget. Even more importantly, since your credit will be limited, create a business plan that anticipates unexpected business expense and other financial uncertainties.
Rebuild your credit
After bankruptcy, your credit options will be limited and the cost of credit that you can obtain will be higher. Still, it is very important that you obtain some type of credit in order rebuild your credit rating. Secured credit cards, can be very useful in this respect. They carry higher fees and interest rates, but if you use them sparingly and pay your bills on time they can help you rebuild your credit and eventually qualify for unsecured credit.
Establish new financial habits
It is important for you to rebuild your credit by establishing a pattern of paying your bills on time. This will display to creditors that despite the bankruptcy, you are a worthwhile risk and can be trusted to payback money that you borrow. Credit is the life-blood of most businesses and establishing positive payment habit will help you rebuild your credit in the shortest amount of time.
Stay on top of your business
Keep a close eye on your books. Closely monitor you income statement and gross profits so as not to lose site of where you business is headed financially. Knowing the financial direction in which your business is headed, will allow you to make the decision necessary to keep you falling into bankruptcy again.
The route to business success after bankruptcy may be more challenging, but it is a well-worn path. Many businesses have gone on to even greater success after bankruptcy. Start with making a plan to rebuild your credit and sticking to it. Obtain and use secured credit cards sparingly to reestablish you credit. Improve your credit rating by paying your bills on time. This will show lenders that you can be counted on to pay your bills. Finally, constantly monitor you business progress in order to avoid falling into bankruptcy again. Being vigilant and aware of the financial limitations that your business will face as a result of filing bankruptcy, will help you plan ahead for whatever difficulties you may encounter.
Free Consultation: Oklahoma City Bankruptcy Lawyer
To find out more about how to successfully file bankruptcy in Oklahoma, contact a Oklahoma City bankruptcy attorney. For a free confidential consultation about your rights in bankruptcy court and the potential benefits of filing bankruptcy, contact the Debt Line Law Office at (918) 878-0010. If you prefer e-mail, send us your question using the form at the top right of this page and we’ll answer your question as soon as possible.