How bad is a Bankruptsy?

[Tuledog]

In the year 2000 we finalized our BK, since then we have worked very hard to get our credit back up, no late payments, maintain zero balance on credit cards each month, vehicle payments and so on.

We ran into very hard times back then and had major outstanding debt. Since then we have been very gunshy on creating debt over our limits, i guess you could say we learned a very hard lesson and it will never happen again.

So do you think this will have a negative impact on my being hired since it only happened 5 years ago????

Thanks in advance...........Jason

[irishlad2nv]

Depends...some departments see it as a bad thing. They do not want an officer working for them that hasa severe credit/debt problem, even if it was 5 yrs ago. However, if you can prove to them you are on a good path now, then that will be a deciding factor I am sure. Just be upfront when it comes to your finances on your background and hopefully you will do fine! Good luck.

[Bodie]

BK stays with you 10 years and can effect the interest rates yiu are charged for at least seven. It is a neagtive but you shoule pull all three credit bureaus on yourself and see if ther are any lates or slow pays currently.

If there are it shows you have not re eastablished yourself.
Agencies use credit as a factor in deteriming your ability to be responsible.
Never mind the fact that there a lot of deadbeat cops out ther that have filed BK without good cause and who just don't pay bills and are in way over their heads.

[hemicop]

Here a BK would probably DQ you. The Dept. looks at it as a lack of responsibility & a person with that kind of problem is susceptible to bribery or extortion. Research where you're applying. If it's a conservative agency, like here, you're wasting your time