Does filing BK hurt your career in the financial services industry (particularly money management)?
I was planning on switching careers back to money management. But this mortgage mess has me contemplating filing BK.
Do anything you can to avoid bankruptcy, imho. See if you can negotiate your debts down, work a short sale on your home or whatever. Get yourself on a written budget as quickly as possible. Spend every dollar on paper on purpose before it comes into your home. That made the biggest difference for us with our finances.
Now about the financial services industry/money management. Yep, that will affect you big time. Companies are going to run a credit check not only to assess your responsibility level and to see if you’re a risk financially to them…but also if bonding is required, you won’t be able to be bonded or get clearances you might need if your credit isn’t where it needs to be.
When someone is dealing with other folks’ money & they’re in a hardship position…that’s when a person might be most tempted to short cut or flat out steal. They’re more susceptible to temptation and the manipulation of others if they’re under financial stress.
Now that’s not to say YOU would do something illegal or unethical. We’ve been in dire straights financially before & took the high road…but statistically someone in a tough financial situation is going to be more likely to succumb & companies don’t want to take that risk.
Do anything you can to avoid bankruptcy, imho. See if you can negotiate your debts down, work a short sale on your home or whatever. Get yourself on a written budget as quickly as possible. Spend every dollar on paper on purpose before it comes into your home. That made the biggest difference for us with our finances.
Now about the financial services industry/money management. Yep, that will affect you big time. Companies are going to run a credit check not only to assess your responsibility level and to see if you’re a risk financially to them…but also if bonding is required, you won’t be able to be bonded or get clearances you might need if your credit isn’t where it needs to be.
When someone is dealing with other folks’ money & they’re in a hardship position…that’s when a person might be most tempted to short cut or flat out steal. They’re more susceptible to temptation and the manipulation of others if they’re under financial stress.
Now that’s not to say YOU would do something illegal or unethical. We’ve been in dire straights financially before & took the high road…but statistically someone in a tough financial situation is going to be more likely to succumb & companies don’t want to take that risk.
References :