When is the best time to start a business

[1967]

Hey folks!

My wife and I are going to file a petition for CH7 with an attorney in 3 weeks. I have looked everywhere in Wisconsin for a construction job and can't find one. My only way out is to be self employed and I have a couple contractors who want to start letting me bid on jobs.

When would be a good time? According to my research I get the feeling I shouldn't report any income until after my 341 meeting....assuming I can make money of course. Does this make sense? I don't want to mess anything up or throw a wrench in the works and cause a problem.

Thanks everybody!

1967

[OhioFiler]

The best time to start a new business is when you see a void in the market you have the talent to fill. Your bankruptcy is not related in any way.

[Dst1]

I can tell you when the best time to NOT start a business is...

Don't start a business when three months after you start you father is diagnosed with terminal cancer and dies six months later. Six months after that the economy goes into the toilet and all your customers cancel their contracts. And just when you are digging out from all that mess and things are starting to looks up your mother is diagnosed with Alzheimers.

My point: the future is unpredictable. It's like trying to time the stock market. A bad idea.

[CCsAreEvil]

My point: the future is unpredictable. It's like trying to time the stock market. A bad idea.

I think it's worse than trying to time the stock market. Man, life is treating you rough.

[1967]

The best time to start a new business is when you see a void in the market you have the talent to fill. Your bankruptcy is not related in any way.

I thought I read that if before a 341 meeting they discover your starting a business they could question your ability to make more money and your ability to pay the debt.

I thought it was called something like "Totality of circumstance". I thought I read that if they feel your circumstances change it makes a difference.

Don't know I guess

mike

[OhioFiler]

I thought I read that if before a 341 meeting they discover your starting a business they could question your ability to make more money and your ability to pay the debt.

I thought it was called something like "Totality of circumstance". I thought I read that if they feel your circumstances change it makes a difference.

Don't know I guess

mike

Not an issue. The bankruptcy court isn't going to deny you the opportunity to make money. The bk filing is really a snapshot of your life on the day you filed.

Now the court may have a problem with someone who filed reporting virtually no income then 1 month later was making a large amount of money. They won't bother some schmuck like me who wants to take a shot at the American dream by opening my own business.

[frogger]

And another thought... you only start your own business when you have adequate capital to fund it. In other words, don't start out broke.

[OhioFiler]

And another thought... you only start your own business when you have adequate capital to fund it. In other words, don't start out broke.

I'm thinking the OP has some capital, at least the tools and truck needed to start a small one man construction business.

[frogger]

I'm thinking the OP has some capital, at least the tools and truck needed to start a small one man construction business.

Still have got to have money to operate on. Truck has to have gas, supplies to be bought, permits to be had. It takes money.

[1967]

Thanks for the response.

I don't need capital because I don't have any. What I really don't have is a choice, construction jobs are simply gone! I will make it work however, I refuse to sit around and do nothing.

Mike