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After filing a bankruptcy in 2002/03 completed, in Michigan, can i reopen another, same type of business?

2006-10-22 16:57:46 · 2 answers · asked by LE 1 in Business & Finance Other - Business & Finance

I had a studio photography business (LLC)opened in June of 2001. After September 2001 hit, my business was slow but building. I ran into financial difficulty with the cost of overhead expenses, that i was unaware of when starting a business.
Photography is my passion and would love to do this again. If i could have only waiting 2 more years, i would have been okay. but unfortunately, given the time, the market condition, two small children, and just building a new house within the previous 2 years, i had no choice but to file bankruptcy, or else lose the house.
I am more financially stable now and was wonder if i could open a new photography business, under another name. This time slower, and in my home on a freelance basis. I don't know who to call in the local state office to ask or even WHAT to ask them. Does someone have an answer?

2006-10-22 17:39:37 · update #1

2 answers

There is no legal restriction opening a new business. The real question is how difficult will it be for you. Well, it depends on how your credit is now and if you need credit to conduct our business. A bankruptcy might make it difficult for you to lease a studio or buy supplies on credit. It all depends on your current circumstances.

2006-10-26 18:04:23 · answer #1 · answered by Carl 7 · 0 0

You sure can start up another business in the same field.

2006-10-26 02:09:12 · answer #2 · answered by Anonymous · 0 0

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