reaffirmation agreement for credit card debts affiliated w/a bank where im working

[neolla]

hello everybody,

im new in this forum and im grateful that i was able to find this one.

im planning to file for bankruptcy and has some concern with affirmation agreements. you see, i am a HSBC bank manager and i have 3 credit cards with credit card companies affialiated with HSBC. if i dont reaffirm the debts with those 3 credit card companies, will it affect my job with HSBC?

i told my attorneys that im willing to reaffirm but she told me that the bankruptcy judge may not approved the reaffirmation agreement because it may not be for my benefit, being an undue hardship to me or my family.

thank you in advance for your reply.

also, i have a car worth $11,500 subject to a lien of $7,000. here in NJ, there is an exemption of $1,950 for a car. should i reaffirm this one too? i want to retain this car as i work far fram home and i need it for my daily commute.

[Hollyhomemaker]

In relation to your job, BK'g your employer could put your job at risk, but it is anyone's guess. Many people with a BK are never able to get a job with a bank or other jobs in finance. No one will know how HSBC is going to react to your BK, but understand this, you might as well BK them because the fact that you are BK'g in the first place while being in the banking business is going to put your job at risk and a BK 7 is supposed to give you a fresh start. What is the point of filing if you are going to reaffirm 3 credit cards of debt? It doesn't make sense. I understand you don't want to lose your job but the only thing you can do is talk to your boss and be open because HSBC does account reviews every single month of their cardholders and HSBC will know that you filed BK within a few days to a week of you filing. The major credit card companies subscribe to a system where they are emailed every day of their cardholders who filed BK. Either way, because you are a credit card holder of their's, whether you BK them or not they will know about your BK.

I would not reaffirm that car in your specific situation. I wish you the best of luck. Our mortgage that is only in my dh's name is through HSBC and our car loan that we paid off that was in his name was thru HSBC and our checking account is thru them. They are a very good company and the branch manager at our branch is the nicest guy in the world. I just don't know whose decision it would be regarding the future of your job if it is your immediate boss or someone higher up. You need to find out though discreetly. Remember millions of people file BK and there is no doubt many of them kept their jobs in finance and in banking. It's just no one will be able to tell you how your bosses are going to react. Good luck.

[DontBother]

hello everybody,

im new in this forum and im grateful that i was able to find this one.

im planning to file for bankruptcy and has some concern with affirmation agreements. you see, i am a HSBC bank manager and i have 3 credit cards with credit card companies affialiated with HSBC. if i dont reaffirm the debts with those 3 credit card companies, will it affect my job with HSBC?

i told my attorneys that im willing to reaffirm but she told me that the bankruptcy judge may not approved the reaffirmation agreement because it may not be for my benefit, being an undue hardship to me or my family.

thank you in advance for your reply.

also, i have a car worth $11,500 subject to a lien of $7,000. here in NJ, there is an exemption of $1,950 for a car. should i reaffirm this one too? i want to retain this car as i work far fram home and i need it for my daily commute.

We're in some-what similiar circumstances... I work for a very large national bank. Most of my tenure with the company was in the capacity of a branch manager, but I recently took a management position on the mortgage side of the business (same company)... Funny thing is that almost ALL my debt is with the company that I work for, most of which I'm letting go in the BK.

1st mortgage
2nd mortgage
RV loan
$50,000 in cc debt

To the best of my knowledge, at least with this company, a BK does not affect your employment stability. Even trying to get hired, they do not pull credit reports to review for credit history. They only do general background investigations (via a 3rd party vendor) to make sure that you can be bonded. A bk does not prevent that.

Oh yeah, almost forgot to mention... My wife is also a teller supervisor with the same company!

When talking with our attorney, I kidded by saying that our company's stock price is going to take a dip the day we file!

[HHM]

No, It won't "directly" affect your employment. Also, its unlikely a judge would approve a reaffirmation on those grounds.

If you have to file BK, file BK...and let the chips fall where they may. People "rarely" get fired over a BK. The problem with BK is getting "hired". But once your employed, BK rarely effects continued employment.

Odds are, since you work for a large organization, they probably have fairly well laid-out guidelines in their employee manuals, I doubt you have anything to worry about. If I were you, I WOULD NOT reaffirm.

[halloweendmb1]

what if your bk is over 10 years old do you still have to disclose to them you filed when applying?

[FreshLikeADaisy]

what if your bk is over 10 years old do you still have to disclose to them you filed when applying?

Not if they don't ask for it. And personally, that applies to everything I tell a prospective employer. For instance, no, I've never been arrested.... but do I need to tell them I got brought home a few times by the cops when I was in high school? Oh, no, I think not.

I would be VERY surprised if they asked you upfront, but if they did, a bk 10 years ago is probably not going to be a deciding factor. To me, you're not losing anything by being honest about it, because if they are dead set on going that far back they can find out anyway. I had to get nuclear plant clearance one time (which doesn't even approach the intensity and depth of regular security clearances, from what I understand) and yeah, they definitely would have wanted to know it. Even then, I doubt it would have mattered: in a sense, they are looking for what you hide -- gaps in your story -- even more than they are looking for what you confess up front. I did this pre-9/11, so it may be different now, but I don't think the basics have changed. They may go back further and I'm sure it's more intense, but...

Outside getting security clearances, for a regular employer, applying for a regular job, my thought is... don't sweat it.