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Do you legally have to include a chapter 7 bankruptcy from 15 years ago on an application for a small business loan?
Wiki User
∙ 16y ago
Yes they can depending on how far they choose to go back. Now I am sure that on the application the wording said Have you ever claimed bankruptcy so in that case you lied by saying no and in small print they can call your loan at any time if you are not factual with them on the loan orignation papers. Read the small print does it say that its illegal for you to lie. Its your moral obligation to tell the truth because you were the one that created the bankruptcy. Now depending on how much you deferred to others then and or how much your borrowing now, you may not have been denied if you told the truth. I would think long and hard before accepting the money under false pretenses. You are only creating what could eventually be a big problem for you. Weigh the possibilities and your conscience.
I will take a slightly different tact at this:
If it was a Chap 7 business BK, which generally means dissolution, back then, well..this is a different business so no...this applicant business didn't have a bankruptcy.
On the other hand, if it was your own personal bankruptcy then, and this is business loan as stated, (even though you may be co-signing personally), well then again...this applicant didn't have a bankruptcy.
Then, on the credit approval side, I've always heard a BK is used in scoring your credit for normally 7 and no more than 10 years....so it shouldn't be held against you now anyway. Not being truthful would be though, but I wouldn't be surprised if a closer reading of the application, or explanation from the loan officer, may reveal they are actually putting a time frame around their questions.
Wiki User
∙ 16y ago
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I have closed a business and gone through a divorce leaving me with an unpaid lease of $5,000 and unpaid lease on the business location. Can these be included a bankruptcy?
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This is largely dependent on the chapter of bankruptcy that you're filing under. Is it for an individual? Is it for a business or a corporation. I will take the most common type of bankruptcy-Chapter 7-for an example. Under Chapter 7, the bank is technically allowed to take personal assets and property and liquidate it/them in an attempt to pay back debtors. But there are a number of exemptions and for many people, they do not lost personal items after filing for Chapter 7. Common exemptions when filing for bankruptcy include tools of the trade-such as a car that is used to commute to and from work-and clothing under a certain dollar amount. The article below lists many of the possible exemptions for different chapters.
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Generally, it means a bankruptcy prepared by an attorney who also represents you in the 341 meeting required by the bankruptcy law. In a Chapter 7, it usually does not include representation in motions for relief from stay, objections to discharge and other possible responses to the bankruptcy. Chapter 13s usually require more services, and cost a lot more.
Are there different kinds of bankruptcy attorneys?
As there are different chapters of bankruptcy, a bankruptcy attorney may be more familiar in handling certain chapters. These chapters include Chapter 7, Chapter 11, and Chapter 13. There attorneys that can advise you which chapter to file for and then help in handling the entire process, while others simply consult without providing execution. It is best to contact attorneys directly, to find out what services they provide.
What kind of bankruptcy is it called when you only include credit cards?
Chapter 7. The credit cards would be unsecured debts.
Does a personal chapter 7 bankruptcy cover a corporation personal guarantee?
Yes, if you include the guarantee you made to the creditor in the bk.
