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Wani & Associates, P.C. is a renowned boutique law firm that
prioritizes the client.
Wani & Associates, P.C. is a boutique law firm that has served the community for
over 16 years. Each of our practice areas is highly regarded, and our firm is
recognized for its commitment to its clients. Since 1999, we have worked on over
11,000 cases. Our goal is to provide the best experience to each of our clients. We
understand each client is unique and we give each client individualized and practical
advice. Our clients have included a wide variety of individuals, businesses, and NGOs.
Immigration, family law, personal injury, corporate, bankruptcy, wills & trust—each is
a practice area of our firm. Our attorneys have decades of experience across these
fields. We promise a professional and personal experience.
We have offices in Tysons Corner (Falls Church, VA) and Hyattsville, Maryland
(Langley Park). Our employees speak Spanish, Urdu, Hindi, Arabic, and Punjabi.
How to get a small business loan after
Bankruptcy?
Bankruptcy can affect your business devastatingly, but it does not mean that you cannot
make a fresh start. But before you think of getting a loan, always think through the
consequences i.e. you will personally be responsible to pay debts if your business fails
again and as well you will not be eligible to file a bankruptcy again. So it is always wise to
access the reasons that have caused financial downfall in the past in order to avoid them in
future. Here are some tips by following which you can improvise your chances of getting
a loan after Bankruptcy :
Rather than contacting influential and distinguished banks, contact community
banks as the authoritative banks through their automatic screening process will
deny you immediately after considering your credit score.
Try to establish contact with the banks which specialize in small business
lending or you can also negotiate with regional nonprofit investment funds
through the personnel of economic development department, as these
agencies grant loans to small businesses in lowincome areas.
Before you contact any of the potential lenders, make sure that you have a
streamlined and welldefined business plan for presenting them.
Your chance of getting a loan increases, if you are able to show your lenders
that your debts are running minimum since bankruptcy . Show them the
evidence in form of statements; showing your mortage or rent payments,
vehicle instalments etc.
In order to get your loan approved; show your lender that you have consistent
income since bankruptcy and with this income you will able to repay the debt.
Attach a brief explanation of the reason that leads to the bankruptcy with your
loan proposal i.e. whether it is a divorce , auto accident, chronic illness or major
trauma injury. This information may help the lender to determine your eligibility
for the loan.
Try to locate lenders who specialize in small business loans and seek
information about their terms and conditions. Your local chamber of commerce
may also suggest you the names of lenders who provide such loans.
Seek the help of a friend, colleague or a family member with good credit score.
If they agree to cosign a loan guarantee for you; it is definitely going to
enhance your chances.
Ask for a smaller loan amount initially and gradually work your way up to a
larger sum i.e. after you have made positive and consistent earning records.
While filing a business loan application with a bank; always present a viable
business plan along with it. Because your business plan is the most crucial
element for the bank to choose you as a viable candidate.
If you have any queries regarding filing bankruptcy and its pros and cons; Contact to
Wani & Associates P.C. Our compassionate and acknowledged attorneys through
their incessant services and efforts will assist you to resolve any of your bankruptcy
related issues .
CONTACT-US Interested in a free consultation? Give us a call or send us an email.
1-866-755-9264 (WANI)
