Newly L/H licensed and have been researching places to work for. My credit is awful and trying my best to avoid bankruptcy. Found several places that would take me but at lower advances or as earned. My question is, what would happen to my appointments if I have to file for bankruptcy? Would most co. terminate my appointments? If so, would I be better off filing BK before applying, if I think BK is unavoidable? Thanks in advance.
Bankruptcy After Appointments
- Thread starter Cani
- Start date
Are we speaking about a chapter 7 or chapter 13 BK, I have found it makes a difference to carriers. Whether you decide to inform you current companies that you are filing for BK is up to you.. I would not...
- 717
take a look at the appointment paperwork for the carriers you are interested in....they will spell out disclosure requirements if any on your part.
Actually, a lot of the producer appointments I have do have a clause that bankruptcy is cause for immediate termination.
Now, if I informed them beforehand, I actually doubt they would care. I think they like having the option though. Keep this in mind, that it might be a problem, not something to just be swept under the rug.
Also, a lot of my appointments don't have this clause. You really need to read the contracts.
Dan
Now, if I informed them beforehand, I actually doubt they would care. I think they like having the option though. Keep this in mind, that it might be a problem, not something to just be swept under the rug.
Also, a lot of my appointments don't have this clause. You really need to read the contracts.
Dan
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