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  1. #1
    MembersZone Subscriber johnsonizzle's Avatar
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    Aug 2008
    FredCo MD USA

    Default How does credit affect employment

    I have recently lost my real estate investing/general contracting business because the economy. I owned 10 properties and when the market started tanking I could only unload 3 of them before I was screwed and the remaining 7 were foreclosed on. Needless to say I'm very deep in debt (about 1.55 million). I am in the process of filing bankruptcy, however it will not be discharged by the time I get to the background investigation at the county I am a candidate in.

    there are probably 10-15 judgements on my credit report due to the foreclosures and credit lines with my material suppliers that went bad because of the cash flow. I do not have any criminal charges, they are all civil cases. I did not lie anywhere on the application, however there were no questions regarding my financial situation. How will this affect me?

  2. #2
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    Jan 2009

    Default 50 / 50

    Some look and some don't. The guess is, if you irresponsible about money then you might not be responsible in other areas in your life. I don't know of any supporting infpo on this tho.
    If they don't ask about judgments / creditors / or ask for permission to check your credit history they prolly dont look at that as a deciding factor.

    Bankruptcy is look at a way to make a LEGAL new start. There will be a suit (if there isn't already) when somebody gets turned down for a job because of it. If its a lawful thing to do, and must be down lawfully thru the courts, then how could bankruptcy be held against you?

    Good luck.

  3. #3
    Forum Member Jonnee's Avatar
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    Oct 2005


    A lot of departments look and also check your credit report as well. This gives them a better perspective on the candicate, it they are a safe bet to hire or not. A bad report, they toss the application.

    Bankruptcy is not the best move. It stay with you for a long time effecting everything.

  4. #4
    MembersZone Subscriber johnsonizzle's Avatar
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    Aug 2008
    FredCo MD USA


    Quote Originally Posted by Jonnee View Post
    Bankruptcy is not the best move. It stay with you for a long time effecting everything.
    When you are $1,550,000 in debt, bankruptcy is the ONLY move. Those "pay off your credit card debt with the money you already make" ads are a bunch of BS. I called one and they said, "well if you can come up with $12,000 a month, we can negotiate your bills and have it paid off in 48 months!" Yeah right, like i'm gonna be able to support my family and "be responsible" with my money be shelling out $144,000 a year (that i don't have) to pay off a debt that I can resolve for $1,200 in bankruptcy court....

    Also, when your credit score goes from 720 to 395, theres not much else that is going to make your credit score any lower. Actually, within a year of it being discharged, my credit score will be much higher than prior to filing because I will have $0 debt instead of $1,550,000 debt. I've seen it happen tons of times when I used to be a mortgage processor, pouring over credit reports for 8 hours a day.

    i completely agree that it should be a last resort. for instance, I have a friend who said he wants to file now because he has $35,000 in credit card debt. Now $35k is a LOT more managable than $1.55 million. First off you can settle the debt for 17-20k and then you can pay that off, interest free (yes that is possible if you know what you're doing) over several years.

    I was just curious if it was a "thanks very much but get the hell out" or if they will actually ask for the back story since it wasn't from irresponsibility. It was from a nationwide recession which has left hundreds of thousands of people in similar situations.

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