How does bankruptcy effect a job search?

[2muchcc]

My husband and I are considering bk. We are in the spiral of higher interest compounding with fees on credit cards. We can see the writing on the wall and my husband is going to lose his job at the end of this month or the beginning of next. Has anyone had experience with getting a job after bankruptcy?

[Teddy]

I don't have an answer, but my question is why would it effect someone getting a job? I don't understand that.

[getouttadebt]

It is illegal for a company to base a negative hiring decision on an individual because of a bankruptcy. However, if a hiring manager has 2 candidates and they get down to the final reference checks, they just might do a background check. If one candidate does have a bankruptcy and the other doesn't, then it is possible that it could negatively impact the candidate with a bk on their public record. I have not experienced this issue personally, but it certainly concerns me.

Good luck,
getouttadebt

[2muchcc]

Well he currently works in the finical industry which we are thinking will not be a possibility due to regulations on a series 7 (Securities) license. Every firm asks about BK and he might even loss his license - which is very defeating because he was so proud to pass the test the first time. Anyway, he is looking into other fields.


Is is better to wait until he has found a new job to file?


Sorry, I just convinced him that there is no other choice, unless he gets a job making six figures (not likely). Even knowing that this is so hard. The crushing pressure from the creditors is taking its toll on us and our young son can tell

[BKOnce]

I 'm sorry for all Bear Stearns employees recently. Some of them are either fired, quit, or get offer to stay work with Chase after this buy-out/merger.

[getouttadebt]

All of us in current bk cases are under tremendous pressures -- home, work, etc. Whatever you do make sure it does not negatively impact your marriage. I have 2 young children and they know we are having money problems. My wife and I made a decision to not talk about the bk in front of the children. BK is probably the worst thing to go through other than a divorce or death of a loved one. But, it is a process that can save your future. Keep looking toward the proverbial "light at the end of the tunnel."

You can't undo the past, so you just have to make the right decision and trust that everything will work out in the end. Just because you file bk, it does not mean you are a failure. Put your trust in your husband that he will find another job that pays the bills. There are a lot of people facing bk because of the collapsed real estate markets, so that might be the excuse you give if asked by a potential employer.

Good luck and keep the faith!

getouttadebt

[2muchcc]

getouttadebt - Thanks for the support. We are lucky because our marriage is on solid and I cannot image going though this if it wasn't. Having said that I agree that bk will be a true test of our marriage as well as my relationship with God.

We don't talk about your finical troubles in front of our kids other to answer their question why we don't have ______. We simply tell them that we don't believe that stuff makes us happy but we make each other happy. I is the best I could come up with. Buy I can tell that he feels our stress and right now that is the hardest thing. I pray that we will teach him about money so that he will never be in the same position.

[kl030505]

Well he currently works in the finical industry which we are thinking will not be a possibility due to regulations on a series 7 (Securities) license. Every firm asks about BK and he might even loss his license - which is very defeating because he was so proud to pass the test the first time. Anyway, he is looking into other fields.


Is is better to wait until he has found a new job to file?


Sorry, I just convinced him that there is no other choice, unless he gets a job making six figures (not likely). Even knowing that this is so hard. The crushing pressure from the creditors is taking its toll on us and our young son can tell

My husband works in the financial industry as well and also has a series 7 license. He will have to REPORT the bk because the company has to report it to the SEC, but it hasn't impeded him in his position at all. I actually specifically called the people who issue series 7 licensing and asked if a bk could prevent someone who passed the exam from getting a license and the answer is NO. The only thing that impedes getting the license if you pass the test is a felony conviction.

He was job searching before we filed and he was turned down for one position because of the credit check - our credit was horrible prior to filing - scores have increased since we filed. However, he GOT a job at another well respected financial institution in the same industry within a week or two and they also did a credit check.

It is illegal for employers to discriminate hiring based on a BK, could it affect it? Probably, but our story has a happy ending.

[JollyGG]

http://www.bkforum.com/showthread.php?t=21679 This thread links to several threads by members who have gotten jobs in the financial sector during or after a bk.

They can't fire someone for filing bankruptcy. There is case law that applies the same rules to hiring employee's but it is still up for a companies interpretation of that law. Additionally, there is nothing stopping an employer from simply telling you that they hired a more quilified canidate. In that case you will probably never know if the bk played a role in that decision or not.

However, the linked threads will let you know that there is hope and it is always worth giving any position you want a try. Weather or not a banking institution will hire someone with a bk history kinda depends on each companies individual policy.

[RickInMich]

deleted

[2muchcc]

Thank you that is fantastic news! I have had such a hard time getting answers regarding the series 7. It make this choice so much easier. We both thought that for sure he would not be able to work in the industry. He loves his job - helping everyday people with retirement planning but it has been s struggle to build his business.

Thanks for the link. It made my rainy day a little brighter.

[rfassett]

OK - I am going to address a couple of points. First of all, the series 7 renewal form asks if the applicant has filed bankruptcy. The question is not designed to disqualify the applicant, but rather to require the apllicant to supply additional information. There is an additional form that the applicant will have to complete that gets attached to the renewal application. The only way he would be de-licensed is if the bk was the result of criminal activity.

Secondly - and far more importantly, this should not test your relationship with God, but rather strengthen it. The Bible very clearly addresses the issue of bankruptcy when it talks about the "year of jubilee". All debts were to be forgiven in the "year of jubilee" - every seven years. Take that knowledge and go read Philipians 4:4 - 4:9. And may the God of peace comfort you in this your hour of need. He is fatithful and more than able to see you through even this.

Finally, the sooner you take action, the quicker you will all feel better and the children will not feel your distress. Immeditate relief is just around the corner. Permanent relief could be just 90 days away.

[lookinupn09]

OK, Going to start this with some facts.
Chap 7 BK discharged 3-2010
Job Info:
20 plus years industry knowledge
Went to interview
Received offer letter and docs to start position.
Have been emailed congrats from people in the company
Have airline tickets purchased by them to attend first mtg.
They don't know as yet about the Chap 7 , will know by Monday due to HR service persons absence.
Yes, I am very skeptical, and hope for the best. It is a great job and I am the perfect candidate.
Am I worried for nothing, or am I right to be concerned until my first day.
I am open to the forums thoughts, as I am sure many others have had a feeling like this after a BK 7 or 13.

[carlsbadmike]

I went on disability in June of 2010 and had a BK7 discharged in August 2010. Regarding employment, is anyone else in or has anyone else been in this same situation?

[chicagoannie]

OK, Going to start this with some facts.
Chap 7 BK discharged 3-2010
Job Info:
20 plus years industry knowledge
Went to interview
Received offer letter and docs to start position.
Have been emailed congrats from people in the company
Have airline tickets purchased by them to attend first mtg.
They don't know as yet about the Chap 7 , will know by Monday due to HR service persons absence.
Yes, I am very skeptical, and hope for the best. It is a great job and I am the perfect candidate.
Am I worried for nothing, or am I right to be concerned until my first day.
I am open to the forums thoughts, as I am sure many others have had a feeling like this after a BK 7 or 13.

Definitely let us know that everything worked out fine!!! I am an optimist...and am keeping my fingers crossed for you, too!