@Magicdog59 wrote:
I'm assuming that, like me, there are small business owners who filed bankruptcy during and after the last recession, not for personal credit issues, but from the failure of their small business.
For those that don't know, unlike big compaines, executives/owners of small busineses give a personal guarantee against their personal assets (such as a house) when getting a business loan. Exectuves at large companies don't (which is why guys like Trump can have their companies declare BK X number of times, yet remain very wealthy on a personal level). Most small business owners get totally wiped out and have to head back to the job market for employment.
How did you find employment (if you did) after the bankruptcy?
How long did it take you?
How did you disclose your bankruptcy during the interview process?
What type of role did you end up landing (worked, manager, director, executive)?
I'll answer for my fiance' who went through this.
The first two years he did some part time consulting for one of the vendors he used when running his old company. It went really well and this vendor wanted him to move from NYC to FL to become his Marketing Director full-time. He sublet his NYC apartment and took the plunge. (Sidenote: the move to FL is how we met.) The industry he was working in started to tank along with the collapse of 2008/2009 and the time we were allowed to sublet the apartment was up so he moved back to NYC to be closer to more opportunity and I came with him. Jobs were plenty in my field and I was able to get one right away. He ended up starting a new company which after the first few years it always takes to get off the ground is now doing quite well.
Unless a company is running your credit (which I've only ever had happen to me once) there's no reason to talk about your bankruptcy at all. California, Connecticut, Hawaii, Illinois, Maryland, Oregon, and Washington actually prohibit it. NYC passed a bill strictly limiting it. If a company does require it and can legally do so, it's best to discuss your situation with them ahead of time . . . when explained, they can often be sympathetic because SO many folks have been in the same position.
I was 3-4 months behind on bills when I obtained my current position and they DID require a credit check. I thought and hoped that it would seem logical to them that I was a little behind after being out of work and that they wouldn't put too much stock in it, so I didn't mention anything about it. Thanksfully I was right. I also work in Finance which can be a little more strict on the credit checks than other industries.
