2007-12-19 14:05:08 · 5 answers · asked by DogJD 1 in Business & Finance ➔ Personal Finance
How long ago did you claim bankruptcy? Chapter 7 stays on for 10 years from the date of filing. Chapter 13 can stay on 10 years, but often drops off after 7. I don't remember if the loan applications ask you whether or not you've ever declared BK, but they probably do.
Restaurants are really risky ventures, and they are somewhat hard to get bank loans for. It wouldn't hurt to talk to some loan officers.
2007-12-19 14:11:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It's probably not impossible. Go to a site like freecreditreport.com and see your credit report for yourself. It will tell you what your score is and what is raising and lowering it. Having a bankruptcy on your report doesn't necessarily mean a bad score, I know somebody who has a score around 700 with a bankruptcy.
Knowing your score before hand will help when you go in to talk about the loan.
2007-12-20 00:08:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Most franchisors require you to have thousands of dollars in liquid net worth. Even if you could get loan (which is doubtful) the franchisor would not let you have a franchise because you don't have the net worth.
2007-12-20 09:18:29 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋
doubt it. Over half of the restaurants go broke in the first 5 years.
2007-12-20 18:39:30 · answer #4 · answered by Steve R 6 · 0⤊ 0⤋
get a partner use him as the face of the company.
2007-12-19 22:16:14 · answer #5 · answered by FAT CAT 2 · 0⤊ 0⤋