Legal Question in Bankruptcy in New Jersey

Re: How soon can a person engage in commercial business after filing for Chapter 7?

Bankruptcy does not limit the extent to which an individual can engage in an existing business or start a new one. Of course, there are occasions when participation in an existing business might not be economical.

The critical event is the time on which the bankruptcy is filed. That is the time at which the bankrupt estate is established.

There may, however, be some practical issues and some bankruptcy-related issues having to do with the start-up of a new business. These are not necessarily prohibitions, but rather issues that would be of interest to the trustee in bankruptcy. All people who are serious about starting a business should involve a lawyer in that process. That is even more important where there is a parallel bankruptcy administration. Be certain to tell your lawyer about the bankruptcy so that he or she can ask the appropriate questions of you.

Re: How soon can a person engage in commercial business after filing for Chapter 7?

Your bankruptcy attorney should be advising you on this.

If you would like advice on this, please contact me. My contact information appears here below my name.