Series question. I have some medical bills, credit card debts etc. Wife got sick, life did a 360 change for me and got into debt Heavily and some bad financial decisions. If I filed for bankruptcy can this affect my chances of moving up within the finance industry? I just started and I definitely wants to know how can this affect me. Thanks!

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Not necessarily. Filing for bankruptcy was a good choice given how much better off you’ll be in the long-run. Only caveat is that bankruptcy filings will appear in brokercheck for registered reps

likeuplifting

Thank you and yes that’s what I though as well people are going to be able to see it under my record. But hey at least I was able to protect my family and hoping that this doesn’t happen again.

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I worked at JPM for a PM that was fired for passing hundreds of thousands in bad checks. He got hired at a boutique firm in 3 months. I wouldn’t worry about it too much. May be a hinderance at large banks but boutiques are not as stringent based on my experience.

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In any role where you’re managing money (ie: front office roles or investment roles) yes a bankruptcy will matter.

If you’re in FP&A or treasury or something then doesn’t really matter

FO - this will destroy your career.

MO - may have some impact

BO - not as bad but honestly will make moving firms difficult

If you can avoid filing for bankruptcy then avoid it as it will make moving firms difficult, apply for payment holidays and make use of available schemes, consolidate debt etc and speak with an adviser

Yes it will affect your chance of going into finance. Try to consolidate and see if that can help you. Also, the medical bills arent looked at so poorly on your credit rating. I would speak with an advisor on how to pay it off and to get help.

I’ve been out of finance for about 10 years. Back then a BK would have been a bad look for anyone who’s actually managing money. If I had two similar candidates and one had a BK and one didn’t, I’d be hard pressed to ignore that data point.

Like VP1 said above, it may not affect you too much. But it could I filed for bankruptcy about 7 years ago and it still affects me today as far as interest rates, getting my credit back up, etc.

Yes, the chances are high. Did you disclose it to the company? I think that would be better.

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