What advice can you give me on financing business equipment after a bankruptcy?

Answer by  John (9008)

You will have an extremely hard time doing this; it may not even be possible. In order to have any chance, you will need to either have property to secure the debt (like a mortgage) or a co-signer who has better credit.

Answer by  technogeek (6640)

If you are using your personal credit, you would just have a high interest rate or need a 50% down payment.

Answer by  tamarawilhite (17883)

Start small. Lease only what you absolutely need. Focus on building up a very large cash reserve to buy what you need in the long run.

Answer by  tamarawilhite (17883)

First, consider saving up money and paying cash for the equipment so that you don't go into bankruptcy again. Get used equipment, especially barely used items being sold to pay off other closing businesses, to get the best value (low price for high quality and low usage equipment). If you don't have the cash, look into lease to own.

Answer by  tamarawilhite (17883)

This is a bad idea; the interest will kill your profits. Work and save up the cash to buy used equipment. Or work to take over an existing business.

Answer by  pfrink (80)

As with trying to finance anything after bankruptcy, it will be alot harder then if you had not filed at all. Your best means of trying to find financing is to look to alternative sources rather than traditional banks. Also if you have a good amount of collateral to put against a debt, you could be in good area too.