Going Bankrupt how will it effect series 7 and trading?

T

tomgordon

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I got myself into a finacial pickle. I owe money to a bunch of credit card companies. And going bankrupt might be my only way out. I am not proud of this. I am looking into all options. How would going bankrupt effect my liscenses? I am currently trading with a big prop. firm. If i would go bankrupt would i still be able to trade with them? Would i have to disclose this to the company? I am sure i am not the first trader to go through this. My big question is would i still be able to trade prop. if i went bankrupt?






thanks for your help

tommy
 
I am sure that you are not the first trader to have to go BK.

I dont know maybe the firm would not find out as long as you dont change firms in the next 10 years but i dont really know



Quote from tomgordon:

I got myself into a finacial pickle. I owe money to a bunch of credit card companies. And going bankrupt might be my only way out. I am not proud of this. I am looking into all options. How would going bankrupt effect my liscenses? I am currently trading with a big prop. firm. If i would go bankrupt would i still be able to trade with them? Would i have to disclose this to the company? I am sure i am not the first trader to go through this. My big question is would i still be able to trade prop. if i went bankrupt?






thanks for your help

tommy
More...
 
Quote from gimp570:

I am sure that you are not the first trader to have to go BK.

I dont know maybe the firm would not find out as long as you dont change firms in the next 10 years but i dont really know
More...


i wonder if its better to just tell the firm or risk it? will they definitely find out about a bankruptcy
 
It shouldn't affect your ability to get hired, but it is a U4 reportable event. You have to disclose it, just like you would have to disclose a criminal record or other court judgment. Trust me, you're not the first person in the securities business with a disclosure event!
 
Quote from PiTrader_101:

It shouldn't affect your ability to get hired, but it is a U4 reportable event. You have to disclose it, just like you would have to disclose a criminal record or other court judgment. Trust me, you're not the first person in the securities business with a disclosure event!
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I am already registered...so if i have to go BK then i should just let the firm know. And you dont think it will be a big problem?




thanks

tommy
 
I worked with someone about 4 years ago who had his 7and had filed BK.

I honestly can't remember if he had filed for BK before or after he obtained his 7, but he said it was not an issue.
 
It wont affect you at all. I know guys in the biz with multiple personal or corp BK`s. All of them that wanted too still had a chair post hearing.

Like the others said. It is a disclosure event BUT I know for fact that certain agencies do not talk to one another. You could have a "failure to recall" moment whilst filling out paperwork. Not saying you should mind you.

As long as you are not a RIA who cares about your past?
 
Quote from TrueRange:

It wont affect you at all. I know guys in the biz with multiple personal or corp BK`s. All of them that wanted too still had a chair post hearing.

Like the others said. It is a disclosure event BUT I know for fact that certain agencies do not talk to one another. You could have a "failure to recall" moment whilst filling out paperwork. Not saying you should mind you.

As long as you are not a RIA who cares about your past?
More...



Well i am already registered. So my question is should i let the firm know or just keep it quiet. Since it sounds like it might not be a very big deal to tell em about a bankrupy. Then it might be better to just be honest and let em know
 
Since every answer you are going to receive on this thread is a guess, call the FINRA hotline and ask them, you do not have to use a real name, or any name.

It may even be in the FAQ section on their site.

I guess you did not pass the "common sense" section of the Series 7?

Here, I will spoon feed you:


http://www.finra.org/industry/index.htm
 
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