New business/Pre-Discharge/Will court approve it?

[c2c2c2]

This is a modification of the title from a prior thread. Hopefully it is a little clearer.

The trustee and Court have approved my motion to modify payments at 100% of my plan and adjusted them from 2100/mo to 100.00/mo through May 2010(end of 36 mo).
I now have an opportunity to purchase assets of a business that will involve me signing on a loan for 450,000. Will the Court approve this since I am pre-discharge but paid off on the plan? Thank you in advance. Chris

[forgotten]

No one can really answer that but the trustee and judge in your case.

They could. Since you are paid off at 100% I can see it being possible. File a motion to incur debt and see what happens. Simple as that.

[c2c2c2]

Thanks FG - I will do that. I wish I could know in advance whether the courts do this kind of thing at all. I think it is usually approved to fund essentials such as a car loan vs. a new business venture. Regards,Chris

[forgotten]

Thanks FG - I will do that. I wish I could know in advance whether the courts do this kind of thing at all. I think it is usually approved to fund essentials such as a car loan vs. a new business venture. Regards,Chris

To be honest, it doesn't come up very often.
1) Most people don't pay off at 100% early
2) Most people can't get financing for a new business while still in BK.

There is a good chance the judge in your case has never had to ponder the matter before.

Edit: Its impressive to be under the median income, be able to pay off all your debts early, then get a $450,000 loan to start a new business. congrats.