yes its true..I have hung on as long as possible. I am considering the big BK..with my Variable loan and the rate changes and the new stupid immigration law, I am going down fast. Has anyone, especially an Allstate agent, gone bankrupt on here? If so, I am curious how it affects commissions?(and if you can refer an attorney who understand our situation) I did find out it is not necessarily terminable. if anyone has anything to offer in this area, please post or IM and thank you.
Allstate Agent Considering Bankruptcy
- Thread starter nwamb
- Start date
Sorry to hear about this. I have no idea how Allstate works with bk's, I know several captives agents can stay appointed (but not get appointed) with a bk, so it wouldn't surprise me if you can stay on with Allstate.
If you have a securities license, that will be in jeopardy. If not, then no big deal.
I've known several agents go through this recently. A lot of things drive it, life happens. Basically, get the help and give some serious thought on where to go from here. Stay with Allstate? Will things be better after the BK or will they stay the same (or worse)? Balance that with other options you may have.
Dan
If you have a securities license, that will be in jeopardy. If not, then no big deal.
I've known several agents go through this recently. A lot of things drive it, life happens. Basically, get the help and give some serious thought on where to go from here. Stay with Allstate? Will things be better after the BK or will they stay the same (or worse)? Balance that with other options you may have.
Dan
G
Guest
Guest
Generally from what I have seen, the P&C is no big deal, but there can be issues with the securities side......
also it depends on what state you are in ( i know its federal but if you are in nev,az,fla, the courts are very busy)and who you owe. when you file, the court has a creditor meeting. the trustee can take all of your commissions. and they may sell your book of business.. i would only do it as a last resort. offer your creditors 25 cents on the dollar... walk softly. if it is a mortgage problem. stall it as much as you can... and give up the house... you don't have to go bankrupt. bad credit is better than BK.
- 1,473
Bk in CA they will force u to sell ur agency since it the only colletareal left. U bet the trustee will sell it. It's a big day pay day for them they get 10 percent of the proceed. U can TPP ur agency.
- 241
When I had my agency, a life specialist who had a Series 7 was going through bankruptcy. He was housed in my office and prior to the bk, many creditors were sending him and Allstate garnishment letters.
Although I'm sure they kept an eye on his transactions, I don't think Allstate got involved as long as he was getting his financial situation taken care of. This was about 5 years ago and from what I understand, he is still with Allstate (Life specialists in NY are still employees and not Ind.Contractors).
Although I'm sure they kept an eye on his transactions, I don't think Allstate got involved as long as he was getting his financial situation taken care of. This was about 5 years ago and from what I understand, he is still with Allstate (Life specialists in NY are still employees and not Ind.Contractors).
With out knowing what state you're in.....we are all just guessing.
Bk may not be the only solution.
There are plenty of specialists out there that may be able to fix you.
Some networking and Google will be your friend here.
Start talking to people who know how/what...instead of a bunch of forum Yahoos
Bk may not be the only solution.
There are plenty of specialists out there that may be able to fix you.
Some networking and Google will be your friend here.
Start talking to people who know how/what...instead of a bunch of forum Yahoos
- Thread starter
- #8
Hey thanks for all the replies everyone! I also checked on the securities licenses and the manager's reply, was "we would have to terminate half our agents"..sooo I guess there are a number out there.
I am just doing my homework now. Will meet with an attorney when i find one that is somewhat familiar with our situation. Also, talking to Bank about pay off on loan and maybe just selling if at all possible.
I have been around the big A for over 20 years(only 8 as agent), and I have never seen them micromanage the agents time and activities as they are now. That used to be a big "no-no" when we first intriduced the program.
I have also talked with other Independent carriers as well.
We will see. it will work out. If anyone knows anyone in particular, they can reach me through this forum and again thank you. I love the forum. Lots of info here.
I am just doing my homework now. Will meet with an attorney when i find one that is somewhat familiar with our situation. Also, talking to Bank about pay off on loan and maybe just selling if at all possible.
I have been around the big A for over 20 years(only 8 as agent), and I have never seen them micromanage the agents time and activities as they are now. That used to be a big "no-no" when we first intriduced the program.
I have also talked with other Independent carriers as well.
We will see. it will work out. If anyone knows anyone in particular, they can reach me through this forum and again thank you. I love the forum. Lots of info here.
- 4,096
I really don't understand how you can be a financial advisor if you can't keep your own finances in check.
- 322
best bet is to ask your questions to [email protected]
he will add you to the allstate ex agent blog and there is a lot of information on there.
