Bankruptcy Question

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recentgrad's picture
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Joined: 2008-04-08

I was wondering if firms will exclude a candidate based on a previous chapter 7 bankruptcy discharge from over a year ago.  The bankruptcy was due to health issues during a period of limited health coverage and income (i.e. grad school).  I'd like to make the switch from non-financial sales to financial services but was concerned. 
Any word on how different firms treat a discharged bankruptcy?  Some of the firms that interest me and that seem to be hiring in my area (via job boards) are Merrill, Wachovia, and UBS.  Any advice/thoughts before I send resumes?

henryhill's picture
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Joined: 2007-08-23

Would you trust your life savings to someone who declared bankruptcy 12 months ago? 

BondGuy's picture
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Joined: 2006-09-21

Only felony convictions are an automatic scratch. Bankruptcy isn't going to look good on your record as clients puruse your file via the net. But.....anything can be explained away.
 
Don't mention the financial issue over the phone when going for the interview. better to deliver the negative news in person and preferably after they really like you. Be up front about it in the interview process. I'll ask the group when it would be best to bring it up?
 
Be prepared to back up your claim that medical bills put you over the edge.
 
The fact that you've worked beyond the bankruptcy is a positive, but i gotta tell ya, read henry hill's response. As insensitive as it is, it's the prevailing attitude in this biz. You are definately pushing the rock uphill at this early post discharge stage.

billybob13's picture
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Joined: 2008-02-28

These firms will not, not hire you because of a bankruptcy.  It is illegal to descriminate employment opportunity with someone with a previous BK.  Keep you head up and forge ahead.  Admit your mistakes in the interview process.  This job boils down to hard work, and that is it.  Previous credit issues, and education doesn't mean much.

troll's picture
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Joined: 2004-11-29

Uhhh read your employment contract.  While I may not be a lawyer, it would make sense that an event they could fire you for would be cause not to hire you.  If credit records could not be used for hiring, then employers would be unable to pull your credit report.

billybob13's picture
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Joined: 2008-02-28

I am a bankruptcy attorney, and believe me when I tell you it is absolutle illegal to descriminate against employment opportunities because of a previous bankurptcy, however a firm could not hire you for another reason even though the bankruptcy is the real reason.  The reason for consumer reports being pulled for employment reasons is typically to give an indication of the persons character.  You could be descriminated against for poor credit, judgements, etc., but because the purpose of a bankruptcy is to give someone a "fresh start" in the eyes of the U.S. government, it is illegal to discriminate employment opportunities for a previous bankruptcy.  Technically speaking a person who is discharged from a Chapter 7 bankruptcy has no existing poor credit.

troll's picture
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Joined: 2004-11-29

billybob13 wrote:I am a bankruptcy attorney, and believe me when I tell you it is absolutle illegal to descriminate against employment opportunities because of a previous bankurptcy, however a firm could not hire you for another reason even though the bankruptcy is the real reason.(winner, winner, chicken dinner)  The reason for consumer reports being pulled for employment reasons is typically to give an indication of the persons character.  You could be descriminated against for poor credit, judgements, etc., but because the purpose of a bankruptcy is to give someone a "fresh start" in the eyes of the U.S. government, it is illegal to discriminate employment opportunities for a previous bankruptcy.  Technically speaking a person who is discharged from a Chapter 7 bankruptcy has no existing poor credit.

anonymous's picture
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Joined: 2005-09-29

"These firms will not, not hire you because of a bankruptcy." 
"even though the bankruptcy is the real reason"
 
So, in other words, Billybob, bankruptcy can be the reason for someone to not get the job.   They just won't admit it.   
 
Recentgrad, you can get a job, but there must be one hell of a good reason for them to hire you.   They must find out about the bankruptcy directly from you or you have no shot of being hired.

billybob13's picture
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Joined: 2008-02-28

At the end of the day having a previous bankruptcy is a hurdle, but not a for sure no.  The hiring firm must see a great deal of potential in you.  Just remember this is a sales job, if you have the ability to bring in sales, nothing else matters.  I have known some grad's from very prestegious east coast schools that couldn't bring in a sale, and some high school educated individuals who have $200mil AUM.  It boils down to hard work.

Indyone's picture
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Joined: 2005-05-31

How on earth can a bankrupcy attorney not know how to spell ''discrimination''?

billybob13's picture
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Joined: 2008-02-28

Guy's relax and focus on the content.  I was in a hurry when I typed it and don't have much time to spend on this site, let alone critique punctuation.  I am busy producing.  Maybe you should go back to school and get your English degree. 

tims's picture
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Joined: 2010-10-08

oh my gosh...we should relax all here..I found this personal bankruptcy attorney in which you will find good and best answer.Bankruptcy problems may solve if all of us here learn and know different ways to cope-up bankruptcy.Expert attorney which I found it best for every clarifications and query..

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