Thread: Bankruptcy!!

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    Default Bankruptcy!!

    Hello everyone. I just had a terrible blow dealt to me. I'm currently trying to get out of my current carreer as a general contractor and become a carreer firefighter. About three months ago I finished a $500,000 dollar home for someone and the person was no longer able to secure long term lending. Long story short they filed bankruptcy and left me holding the bag on all of my unpaid subs and suppliers. Now as they say **it rolls down hill. I've tried to pay everyone off and sell my own house to cover it but am still coming up way short so I too will have to file. Is this going to wreck any chance I have of getting hired or will departments give me a chance to explain? It's something completely beyond my control and I've never not paid my bills, I'm just caught in the current state of the economy. I appreciate everyones help and advice. Thank you.

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    You would be surprised on how many are in the same boat as you. I know an individual who passed backrounds for a MAJOR department with a fresh ch. 7 on his credit. I'm sure it doesn't help, but it is the sign of the times. What you are doing or have done since is the most important aspect of your situation. Good luck and you can only fail if you give up.

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    I think depts will listen to your side of the story, and that they will not judge in black and white. Don't let that stop you from trying to get hired on.

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    I wouldn't worry. At least you were out there trying and busting your ***. I am an HVAC and every job I do I sweat bullets till I get paid and the check cashes!

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    I'm in the same boat brother. I was a real estate investor starting back in 04/05. The first 18 months I was making about $50-60k every few months as I flipped houses. Instead of doing the prudent thing and saving the money I decided it would be best to reinvest the money in more and more houses. At the height, I had 9 homes. Then we all know what happened to the housing market. I got trapped with 7 homes I couldn't sell. I would lower the prices by 10% at a time, but the market was falling way faster than that and I ended up losing all 7 of the houses. Not only did I lose my money, but the bank that owned the mortgages lost their tail - and that all came back on me. By the time all the dust settled, I was... let's just say too deep for salvation. And not only was I this deep in debt - I was then unemployed on top of that with a wife and 3 kids. Chapter 7 was my only choice.

    Since then I took an entry level position (earning 1/3 what I was used to)with a bank and have been promoted into management. To prepare for the fire service I went to EMT-B and as soon as I passed, I signed up for a paramedic program. Just finished my 3rd semester (on the Dean's list) and will be finished in May of this year. I don't know how much clout they give the BK on my credit, but I've made sure that I'm giving 110% in the other areas of my life to prove that I'm a dedicated, strong-willed individual who doesn't give up. Obviously, I haven't been hired by a department yet so the 2nd half of my story is unwritten at this point so I will keep you posted. Etiher way, you gotta keep on truckin! Good luck to you.
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    You guys should read the 'are you kidding me' thread on this forum. The guys there don't have the same positive outlook on guys that file for bankruptcy/have poor credit.

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    Quote Originally Posted by peterbound View Post
    You guys should read the 'are you kidding me' thread on this forum. The guys there don't have the same positive outlook on guys that file for bankruptcy/have poor credit.
    Well people like to create drama and lie to make themselves feel and look better on this site or any forum online really....its not about one aspect of your life they look for its the entire package. Due to the economy i am sure it wont look as bad as it would have a few years ago...Might as well try? whats the worst that will happen you don't get the job? Go for it!

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    I also think there is a major difference in people who have failed business' or who have had catastrophic events outside their control and people who have made poor decisions with their personal money/credit. Unfortunately it is hard to distinguish one from the other simply by looking at a CBR (credit bureau report).

    I would imagine, and this is completely hypothetical due to my inexperience in the process, that hiring agencies would look deeper than just a FICO score to determine creditworthiness of a candidate.

    I work for one of the largest banks in the nation in "loss mitigation". Essentially, my team works with homeowners who "can't pay their mortgage" to determine if we can help them save their homes. A majority of them are hard working blue collar people who have lost their jobs, had a spouse pass away, or something else out of their control. On the other hand, there is a population of people who just continue to make poor financial decisions despite the prospect of losing thier home (one file I reviewed, the guy habitually spent $600 a month at the Pussycat Lounge and somehow couldn't find a way to pay his mortgage...). Both groups have horrible credit scores. Both groups have a large portions which have filed bankruptcy. Obviously we can't look at a credit score or BK status to determine if they are worth extending help to, because if we did no one would qualify.

    In the same manner, for any employer to dismiss an applicant SOLELY on their FICO or BK status would be incomprehensible to me (again, just my opinion). There are more accurate ways to judge the "trustworthiness" of a person than a number. Lastly, I would think that people who have had to suffer the indignity of going through the process (trust me, it's embarrassing regardless of the circumstance) would be less likely to repeat than someone who has not. Thoughts?
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    Thank you all for your advice and encouragement. This is completely uncharted territory for me. I just tested for a department and I am # 3 on the list. They do it a little different though, they do a written first then background then oral then physical. They are sending me the background packet to fill out now and I hope there is a spot to explain. The thing that kills me is that I had no control over what happened. I hope they take into account that I am a business owner and not just someone trying to live beyond their means. I guess only time will tell.

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    Quote Originally Posted by peterbound View Post
    You guys should read the 'are you kidding me' thread on this forum. The guys there don't have the same positive outlook on guys that file for bankruptcy/have poor credit.
    Stop talking out of your ***. That thread has a whole different purpose than bashing people who came on hard times.
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    I don't mind fire rolling over my head. I just don't like it rolling UNDER my a**.

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    Quote Originally Posted by GTRider245 View Post
    Stop talking out of your ***. That thread has a whole different purpose than bashing people who came on hard times.
    There is no difference. Bad credit is bad credit, no matter how you came to be in that situation it is looked at the same way. You guys just want to back this guy up because he seems like a nice guy, and is more than likely white.

    I wish you luck pal, sucks your business tanked.

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    Quote Originally Posted by peterbound View Post
    There is no difference. Bad credit is bad credit, no matter how you came to be in that situation it is looked at the same way. You guys just want to back this guy up because he seems like a nice guy, and is more than likely white.

    I wish you luck pal, sucks your business tanked.
    haha that was a classic reply...everything is about race no matter what..it is becoming ridiculous ...actually whites are becoming the minorities and its even getting hard to land a job without knowing Spanish these days.....

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    Quote Originally Posted by Tghockey11 View Post
    haha that was a classic reply...everything is about race no matter what..it is becoming ridiculous ...actually whites are becoming the minorities and its even getting hard to land a job without knowing Spanish these days.....
    Learn spanish.

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    [QUOTE=peterbound;1238460] You guys just want to back this guy up because he seems like a nice guy, and is more than likely white. QUOTE]

    With the only piece of information being that he had a construction business, wouldn't it be more likely to assume he was hispanic??

    Don't know about the others, but ethnicity never even crossed my mind... Peas and glove!
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