by Chris Bantly » Sun Jun 14, 2009 07:01 pm
One of my agents came to me very upset the other day and said that he was being forced into bankruptcy. Although I didn't want to pry too much, I did need to understand why and I must say that it legitimately is out of his control. He is going through a divorce and his wife has filed for bankruptcy. Being that most of their debts are joint, his only other option is to take all the debt upon himself which would be financial suicide.
That being said, he is concerned about losing his license. I explained that you cannot be discriminated against for declaring bankruptcy. He was then worried about losing all of his contracts and that his appointments would all terminate him! I honestly can say that I have no idea whether this could happen to him or not!
I realize that it is very hard for someone with horrendous credit to obtain appointments with reputable companies, but at the same time...he has already shown that he is a good producer and has had an impeccable record! With the economic problems people are having, do you think the companies are going to be a little more lax on their requirements? Do you think he has anything to worry about?
That being said, he is concerned about losing his license. I explained that you cannot be discriminated against for declaring bankruptcy. He was then worried about losing all of his contracts and that his appointments would all terminate him! I honestly can say that I have no idea whether this could happen to him or not!
I realize that it is very hard for someone with horrendous credit to obtain appointments with reputable companies, but at the same time...he has already shown that he is a good producer and has had an impeccable record! With the economic problems people are having, do you think the companies are going to be a little more lax on their requirements? Do you think he has anything to worry about?
Posted: Mon Jul 29, 2013 03:46 am Post Subject:
Thank you for your response
Posted: Mon Sep 16, 2013 01:30 pm Post Subject: Question
I recently got a job at a with a local agency. I thought I was going to be able to earn my way out of my troubles. This is not looking like it is going to work. If I file BK does it go without saying that the agency I work for will find out pretty quickly? Will the carriers that I am appointed with also find out right away? Will new carriers appoint me? I keep trying to out run the problem, but I am losing hope. It has been going in for quite some time. I can tell you how bad it hurts. I am ashamed and embarrassed. Thank you for any help.
Posted: Mon Sep 16, 2013 02:01 pm Post Subject:
If I file BK . . .
This is a "disclosure" event. You are supposed to let everyone know. Will it cause a permanent problem? It might. It usually does not. But it can result in temporary challenges.If you fail to make the required notifications, it will definitely cause some problems.
Posted: Mon Nov 17, 2014 08:57 pm Post Subject: Independent Insurance Agency
I have an agency who owes one of it's carrier's $125,000. They have nor stopped me writing new or renewal business. I do nor know what my future holds with this carrier. What do i need to do? File Bankruptcy before it;s too late?
Posted: Mon Nov 17, 2014 11:35 pm Post Subject:
before it's too late?
Too late for what? Why do you owe so much money to an insurer? Bankruptcy is no laughing matter, and neither is owing 6-figures to an insurance company.This can cause you to lose all your appointments with other insurers. Bankruptcy may be a solution, but it is also a disclosure event to the Dept of Insurance, and due to the amount involved, could also lead to the loss of your license.
Posted: Thu Dec 18, 2014 03:49 pm Post Subject: New insurance license
Hello, i just got a license and got a job offer from Allstate agency, they require to fax my credit report before I am officially hired. I am so worry since I have bad credit due to financial hardships in the pass and still issue me today.
I don't know what should I do now, can I still fax my credit report since I know they will find out about my credit history and take back their job offered ?
Posted: Thu Dec 18, 2014 03:49 pm Post Subject: New insurance license
Hello, i just got a license and got a job offer from Allstate agency, they require to fax my credit report before I am officially hired. I am so worry since I have bad credit due to financial hardships in the pass and still issue me today.
I don't know what should I do now, can I still fax my credit report since I know they will find out about my credit history and take back their job offered ?
Posted: Thu Dec 18, 2014 03:50 pm Post Subject: New insurance license
Hello, i just got a license and got a job offer from Allstate agency, they require to fax my credit report before I am officially hired. I am so worry since I have bad credit due to financial hardships in the pass and still issue me today.
I don't know what should I do now, can I still fax my credit report since I know they will find out about my credit history and take back their job offered ?
Posted: Thu Dec 18, 2014 03:51 pm Post Subject: New insurance license
Hello, i just got a license and got a job offer from Allstate agency, they require to fax my credit report before I am officially hired. I am so worry since I have bad credit due to financial hardships in the pass and still issue me today.
I don't know what should I do now, can I still fax my credit report since I know they will find out about my credit history and take back their job offered ?
Posted: Thu Dec 18, 2014 04:50 pm Post Subject: New insurance license
Hello, i just got a license and got a job offer from Allstate agency, they require to fax my credit report before I am officially hired. I am so worry since I have bad credit due to financial hardships in the pass and still issue me today.
I don't know what should I do now, can I still fax my credit report since I know they will find out about my credit history and take back their job offered ?
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