You can't discharge certain types of obligations in Chapter 7 bankruptcy. Unfortunately, traffic fines are one of those debts. A Chapter 7 discharge won't wipe out fines or penalties you owe to a governmental unit, including outstanding traffic fines. Just because you can't discharge your traffic fines in Chapter 7 doesn't mean that filing a bankruptcy case won't help you.
If you can't pay your traffic fines because you don't have enough left after paying credit cards balances and medical bills, filing for Chapter 7 bankruptcy can eliminate those debts and free up money in your budget.
Although you can't discharge traffic fines in Chapter 7 bankruptcy, you might be able to eliminate them in Chapter 13 bankruptcy. In Chapter 13, you can discharge certain fines and penalties as long as they aren't criminal.
You'll likely need to speak with a local bankruptcy attorney about this issue because whether the traffic fines will be nondischargeable criminal fines in Chapter 13 bankruptcy will depend on:. But keep in mind that even if your traffic fines aren't dischargeable, you can pay them off through your Chapter 13 repayment plan over the next three to five years.
In many cases, if you can show that you're paying the fines in your Chapter 13 bankruptcy, you might be able your driver's license reinstated right away. Whether filing for bankruptcy can help you get your driver's license back will depend on many factors including the laws of your particular state. As a result, talk to a knowledgeable bankruptcy attorney in your area to learn whether bankruptcy can help.
It is not a part of the US government or any state government It is a private organization that works to make sure the securities and investment industry operates fairly and honestly To get this registration, an applicant must fill out and file a U4 form. The U4 application also has a line where the applicant must report liens and judgments.
You must list any: Personal bankruptcy Bankruptcy of a business where you exercised management control Involuntary bankruptcy against you They understand that bankruptcy is a legal and legitimate process, and it can often be wise for someone to file a bankruptcy.
Remember: Failing to pay creditors is not fraud Fraud is things like running ponzi schemes , or selling people securities of no value Very few people who file for bankruptcy engage in bankruptcy fraud.
Although I made it, if I'd known what I was getting into I wouldn't have done it. Am I glad now that I did it?
Good luck. Whatever you do, talk to a few people with extensive experience in the brokerage business before you jump into the fire. Both the frying pan and fire can be hotter than hell. And like the man with his head in the oven and his feet in a bucket of ice, says when you ask him how he's doing , "Well, on average I'm fine. His firm will not hire someone with a recent bankruptcy. They are an independent agent for a large insurance company and sell only that company's products.
Their agencies sell both insurance and insurance products, such as annuities. I didn't have a chance to check with either of the 2 brokers I use. Great brokers with good books and the ability to make money in a bear market are in high demand and are in receipt of good bonuses.
Others are hogs cue Jim Cramer sound being slaughtered. At the ripe age of 22, it was more in savings than most of my friends had. A broker does not have to provide a resume This form includes information on the broker and will note whether or not the broker has declared bankruptcy!
When you start working with larger customers they WILL care about a recent bankruptcy and an inability for their broker to have maintained his financial house. I was trained by what was in the largest brokerage on the planet, who at the time had what was regarded as the best training program in the business. Brokers are trained to sell packaged products - preferably proprietary packed products. Back then it was mutual funds. Bankruptcy laws vary from state to state, but in most cases because all individuals are entitled to bankruptcy relief, any professional licenses should remain unaffected.
Still, it may be best to disclose information sooner rather than later so that you can proactively address any questions or concerns your employer may have.
As a financial services professional, you are likely analyzing and evaluating different scenarios for investments, portfolios or balance sheets on a daily basis. So when you take a hard look at your own financial situation, try to be as objective as possible. If your annual income exceeds the median income for Maryland, then you would be eligible to file for Chapter 13 rather than Chapter 7 bankruptcy.
Chapter 13 bankruptcy can be a very practical option to help get your finances back on track. An experienced bankruptcy attorney will be able to evaluate your specific circumstances, provide guidance and address your questions. It is particularly important to work with a professional who is intimately familiar with both state and federal bankruptcy laws and how they pertain to financial services professionals.
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