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  • Bankruptcy

    Good thing or bad thing to have while trying to get on somewhere. I am thinking of filing with my wife and I owe like 3000 or something like that. Will this hurt my chances of getting on somewhere???

  • #2
    $3000?!?!? Bankruptcy?!?!?! Can you even do that? If you are thinking of filing backruptcy with that amount of dept, I guess I shoud just go ahead and kill myself. Is this credit card debt? What's your minimum payment, like $50 a month? Maybe you meant $30,000. Anyway, yes, it (filing bankrupcy)will reflect very negatively upon you during the hiring process. Especially a recent one.

    On another note. I'm not sure you have a real good idea of what filing bankruptcy actually entails. You have to have a LARGE (a lot more then you have) amount of debt and then prove that you can't pay it. Generally people file if the are unemployed for long periods of time, have large medical expenses, divorce, etc... Do some Google-ing for more info. Not just on bankruptcy, but consumer credit and financial advice. You may find some good info to help you pay that debt off. Good Luck.

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    • #3
      Oh man, I wish my debt was only $3000! To simply put it, yes, a bankruptcy will look bad. It is a DQ with some departments around here. I was in a situation several years ago where I came close to filing, but I was able to work out a plan with my creditors to get it paid off. Learned my lesson and increased my income. I remember that the agency that I just got hired at, finances came up in the second interview after the poly. Told the truth about it, and I was able to show that I indeed had learned and my credit report reflected that.

      I don't know how old you are, but do everything that you can to keep from filing bankruptcy. I took on a second job to help pay the bills. This will stick with you for years even if you don't file, but it will eventually be a memory. If you do file it will be with you a lot longer.

      Covman

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      • #4
        Originally posted by oSutrooper
        Good thing or bad thing to have while trying to get on somewhere. I am thinking of filing with my wife and I owe like 3000 or something like that. Will this hurt my chances of getting on somewhere???
        Many LE agencies include a credit report check in addition to a criminal background check. Why? Because an individual's finances are often a good indicator of what kind of LEO he/she will be.

        Bankrupcy is a last resort option; it will give your credit an awful ding for at least 5 years........ and possibly as long as 10. I imagine most LE agencies who see that in your file would be very reluctant to hire you wit that on your credit report. Before you decide to do that, get help from a credit counsenling agency. They may be able to help consolidate your debts and lower your payments. Perhaps you should get a handle on your debts before you consider becoming a LEO.

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        • #5
          but consolidations have a 80% failure rate 3k though man deliver pizza at night for 2 month's... plus would you want to really risk being able to buy a home or never getting the job you want..also do departments do credit checks?

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          • #6
            I concur with everyone else -- do everything you can (legally and ethically, of course) to avoid bankruptcy. Your chances of being hired by a decent department after filing for bankruptcy will be nil for a good 5-7 years -- and that's only if you can show you've learned your lesson and kept yourself out of further financial trouble.

            I think bankruptcy filing has become so common now that people are looking at it as one of their first options rather than as an issue of last resort. Don't get me wrong, there are plenty of people for whom bankruptcy makes sense (as was posted previously), but $3000 worth of debt -- or even $30,000 worth -- is not insurmountable if you and/or your wife are capable of earning a living. Get some credit counseling, develop a plan of action and have the discipline to stick to it.

            This whole issue of knee-jerk bankruptcy is really a pet peeve of mine. You get yourself into trouble, you man up and get yourself out. Give up the new car and get a beater-but-a-runner, settle for the 1000-sq.-ft. house rather than the 2800-sq.-ft. McMansion, stop eating out -- whatever it takes. I look back a generation or two and most of them saw bankruptcy as a humiliation they would try to avoid at all costs. We need a little more of that attitude these days.

            Two case studies:

            One of my co-workers got into some financial trouble a few years back. Then he got a divorce, compounding the problem. He declared bankruptcy, sticking it to his creditors. Today he doesn't have a pot to **** in, but he still makes sure he's got enough money to go out drinking on the weekends and the guy spends $4.00 a pack for smokes every day. You know this guy's going to have financial issue for his entire life.

            In contrast there's another of my co-workers. His wife's spending habits got him in pretty deep. He got a divorce and she did everything she could to make it the most miserable experience possible. And she was good at it. For 2 years he duked it out with her in court and got himself in a big hole. But even when the collection agencies were calling him at work, and while his house was being foreclosed and he had to give up his Tahoe for a POS 15YO Honda Accord, he was determined not to declare bankruptcy. He began working 2-3 nights a week at another job, sold all his non-essential stuff, moved into a cheap apartment, gave up eating out altogether and did whatever else he could to make it. He's still working his way out of it, but he's on the right track. I'm not concerned for his long-term propositions.
            Caution and worry never accomplished anything.

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            • #7
              My debt balances:

              Credit Cards: $15,000 (will be $0.00 on 4/19/2005)
              House: $145,000 (house is worth over $400k
              Beach House: $122,000 (house is worth over $250k, though I rent it out during the winter months for $800/month)
              My Car: $11,500 (2005 Pacifica)
              Wife's car: $22,000 (2003 F150 FX4)

              2004 Household income: $104,000 (me $81k, her $23K)

              No bankruptcy. No need. I manage it and still throw $200 a week into my 457 plan on top of the 9% they take out for the pension each week. If you have normal the debts everyone has, then you are fine. $3000 is about 1/3 of the national average.

              $3000 will not get you into bankruptcy. Though I guess if you think $3000 is huge, you have a good mindset. I just hope you didn't mean $30,000.

              Bankruptcy will kill you for most jobs that require a credit check. And many positions of responsibility do.
              Last edited by mikemac64; 03-26-2005, 01:52 PM.
              Semper Fi

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              • #8
                3,000 is right. Some credit card, so medical that I got right out of high school. It has been a few years, but I have worked on getting the high dollar items off. It's been tuff, but I thank everyone for their imput. So it is better off that I just try to pay the balances off and not file for bankruptcy.

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                • #9
                  I would never consider bankruptcy over $3000.

                  I have in fact just declared bankruptcy with over $14,000 in debt because I can't find a job here to save my soul. I went from a $43k a year to $22k a year
                  and just can't seem to find a job to cover that $600 a month in credit card debt.

                  It could have been worse. 5 years ago I had nearly $50k in unsecured debt, and I got it paid down to the $14k I currently owe, but at this point with no jobs to be had in the area, and unable to move because of my wifes position, we went the chapter 7 route.

                  But three grand? Tht should be no hardship to pay and you won't ruin your credit or your ability to buy a home in the future.
                  Though their numbers are many, as the grass upon the field, we will count them at the end of the day.

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                  • #10
                    Drive a POS car. I bet you drive a nicer car.

                    don't eat out at all.

                    don't buy any clothes. Wear the clothes that you have.

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