topic Re: After 341 meeting opening a corporation and business account in Bankruptcy

After 341 meeting opening a corporation and business account

PeaceMaker1 — Sat, 13 Aug 2022 21:13:37 GMT

hello eveveryone,

A quick question, Is it ok to open up a corporation after the 341 meeting to start a new business?

Or should I wait until get discharge letter?

Also the banks account are treated the same way as CC or you can have an account with the same bank whose CC were burned in the BK7?

For instance Chase, BOA, and Citi.

and any precautions or anything to worry about the balances going forward?

Thanks for everyone's input in advance.

Re: After 341 meeting opening a corporation and business account

CH-7-Mission-Accomplished — Sat, 13 Aug 2022 23:23:19 GMT

@PeaceMaker1 wrote:
hello eveveryone,

A quick question, Is it ok to open up a corporation after the 341 meeting to start a new business?
Or should I wait until get discharge letter?
Also the banks account are treated the same way as CC or you can have an account with the same bank whose CC were burned in the BK7?
For instance Chase, BOA, and Citi.

and any precautions or anything to worry about the balances going forward?

Thanks for everyone's input in advance.

You can open bank/checking accounts with those banks whose credit cards were burned so long as you don't have any issues with Chexsystems. I would wait on opening that new business. As far as the government is concerned, you're fine. All that matters is up to the day you filed, but if for some reason your BK doesn't discharge as expected, you might be out what you have newly invested in your new business. If it's just an incorporation/business licensing fee then you're probably fine, but I would not want to fund a new business until I knew my debts were discharged.

Re: After 341 meeting opening a corporation and business account

PeaceMaker1 — Sun, 14 Aug 2022 01:02:10 GMT

@CH-7-Mission-Accomplished

Thanks for your reply.

So If I was just to open a corporation only and possibly a minimum funded business account it shouldn't be an issue?

Once it's discharged I could proceed with operation.

Re: After 341 meeting opening a corporation and business account

CH-7-Mission-Accomplished — Sun, 14 Aug 2022 01:31:07 GMT

@PeaceMaker1 wrote:
@CH-7-Mission-Accomplished
Thanks for your reply.

So If I was just to open a corporation only and possibly a minimum funded business account it shouldn't be an issue?

Once it's discharged I could proceed with operation.

If it's a chapter 7 the line is the date you filed.

Ask your lawyer. If you spend $500 of money to incorporate with $$$ you disclosed or earned after you filed it's the same as buying a TV or whatever.

If it were me I would wait. Waiting from the 341 until you get your discharge to see if anyone objects is stressful. So is opening a new business. I wouldn't do both at the same time without an RX for Xanax.

Re: After 341 meeting opening a corporation and business account

FireMedic1 — Sun, 14 Aug 2022 10:15:24 GMT

Its best to wait.You filed for BK because you look broke. If the courts see any transactons. Your dismissed. No BK. Let things play out before making any financial moves since $ is invovled. I dont advise it. Some get a credit card before DC. But theres no $ invovled. See what i mean?

Re: After 341 meeting opening a corporation and business account

PeaceMaker1 — Sun, 14 Aug 2022 18:20:05 GMT

@CH-7-Mission-Accomplished

Thank you for your suggestion. I'll just sit back and wait.

@FireMedic1

Thanks for your input as well. I'll just wait as you suggested, I have waited this long why not wait a bit more.

Re: After 341 meeting opening a corporation and business account

Pway — Sun, 14 Aug 2022 22:44:31 GMT

@FireMedic1 wrote:
Its best to wait.You filed for BK because you look broke. If the courts see any transactons. Your dismissed. No BK. Let things play out before making any financial moves since $ is invovled. I dont advise it. Some get a credit card before DC. But theres no $ invovled. See what i mean?

I agree with this. ^^^ Do not jeopardize your discharge. It will be over soon.

Re: After 341 meeting opening a corporation and business account

FireMedic1 — Mon, 15 Aug 2022 08:36:20 GMT

@PeaceMaker1 wrote:
@CH-7-Mission-Accomplished
Thank you for your suggestion. I'll just sit back and wait.
@FireMedic1
Thanks for your input as well. I'll just wait as you suggested, I have waited this long why not wait a bit more.

Your welcome. Perfect thinking! You dont want to mess up a fresh start. Whats that saying? Good things come to those who wait!

Re: After 341 meeting opening a corporation and business account

Newbie2018 — Mon, 22 Aug 2022 04:11:57 GMT

I had my 341 in May discharged in June. Opened my buisness and bank accounts May 5th no issues. Didn't use a creditor I burned though.

Re: After 341 meeting opening a corporation and business account

PeaceMaker1 — Wed, 24 Aug 2022 21:39:59 GMT

@Newbie2018

Thanks for sharing. You recieved your discharge letter how many days exactly after the 341 meeting?

Re: After 341 meeting opening a corporation and business account

Jnbmom — Wed, 24 Aug 2022 22:05:37 GMT

@PeaceMaker1 wrote:
@Newbie2018
Thanks for sharing. You recieved your discharge letter how many days exactly after the 341 meeting?

It's 60 days