Bankruptcy for an established agent

[abs]

Need some advice--my husband and I were realtors (2004 to 2011, I'm still licenced), had 5 rental properties in three states and a home that was $200k upside down due to a negative am loan and a second. In 2010, we filed bankruptcy. The same year, we both got into insurance.

Fast forward to now, we're getting divorced, splitting our book of business and starting fresh. I've moved out and moving on. We've made some dumb decisions on marketing, expensive mentorship programs, leads, business travel, etc. In order to recover, we're considering bankruptcy again. He's keeping the house, but there's no way to get out from under the debt load. We tried a new agency model in January and worked night and day in it till we separated in June. It didn't pan out.

My question is, how will carriers view two bankruptcies? Both were due to very different causes and personal. However, I don't want to jeopardize my business and livelihood. Any thoughts would be appreciated.

 

[Newby]

Some companies won’t appoint you for a few years. Others will. Some may not advance.

It won’t put you out of business. It will just limit your options.

 

[Markthebroker]

This is going to sting, but this comment is based on the facts.

If you are considering bankruptcy, you likely want to reconsider business ownership.

If you are looking at 2 bankruptcies and 1 divorce over the last decade, entrepreneurship is likely not for you.

I would suggest you consider being an employee and not continue to go off on your own. The carriers will likely hold the same opinion.

 

[DayTimer]

This is going to sting, but this comment is based on the facts.

Not for nothing, dude, but you really are too judgemental.

 

[Markthebroker]

Not for nothing, dude, but you really are too judgemental.

I'm too judgmental? Telling someone with 2 bankruptcies to ease off the risk taking is judgmental? I thought it was just simple math. Perhaps you are too sensitive.

Most business will fail. Most agents will fail. Encouraging someone considering their second bankruptcy to continue is dangerous.

Do you want to encourage this person towards a third bankruptcy? Be my guest, I won't stop you.

 

[insurlegend]

I'm too judgmental? Telling someone with 2 bankruptcies to ease off the risk taking is judgmental? I thought it was just simple math. Perhaps you are too sensitive.

Most business will fail. Most agents will fail. Encouraging someone considering their second bankruptcy to continue is dangerous.

Do you want to encourage this person towards a third bankruptcy? Be my guest, I won't stop you.

Checkmate

 

[DayTimer]

Do you want to encourage this person towards a third bankruptcy?

I have no advice for them at all. And from the sound it, neither do or should you.

I'm not too sensitive, you are too full of yourself. Compare @Newby's post answering the OP's question versus your response. This isn't the first time you stepped up with the same advice to someone who is down. It is your thing, apparently.

 

[Markthebroker]

I have no advice for them at all. And from the sound it, neither do or should you.

You're entitled to your opinion. I am entitled to mine.

The ones that matter: the carriers, banks, and creditors will echo my opinion.

 

[DayTimer]

I am entitled

Yes. Yes you are.