If a person files bankruptcy, can they get a real estate license?
admin | Mar 30, 2010 | Comments 5
I know someone that is considering personal bankruptcy as they have been out of work for quite some time (about 2 years) and outside of the occasional narrow/do temporary work work, no other jobs. She is trying hard and interviewing with a lot of companies and headhunters, but I reckon she is giving up and just gonna try and work for herself.
Between her MBA student loans (they refuse to reduce the payments), car annotation (no automobile line within 2 miles of apartment) and credit cards, she is just sinking quick. Before she makes a long-term error, I want to give her some solid advice…
Can they still make a real estate license (taking the class aptly now) if they file for bankruptcy or do they have to wait for the bankruptcy to be discharged? or she is not ever eligible to make a license due to filing for bankruptcy?
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Filed Under: Bankruptcy
she probably still could
its a serious choice
she should read some books and speak with smart people who really know about it, through helping people and/or personal experience.
then she has to choose what to do
I am an ex _agent and the main thing that would stop her would be a felony,I have never heard of bankruptcy ever going against getting your license.
Bankruptcy shouldn’t go against her in getting a license. But, you need to point out to her that even if she files for bankruptcy and her debt is discharged, she’ll still owe the student loans. You cannot make rid of a student loan in bankruptcy.
If she is out of work, she should be able to make a deferment on the loans. They will still accrue interest but at smallest amount she wouldn’t have that payment until she gets a job. She should also consider consolidating all the student loans into one loan. Go to the Department of Culture Website, link below, for info on loan consolidation. She needs to make them deferred until she finds permanent work initially and merge them into one payment. They are likely to give her a lower interest rate too.
That depends on the state. Some states house limitations on licensures depending on bankruptcy. I question whether this is proper under federal law, but you may not have the funds to litigate this point.
No filing bankruptcy shouldn’t stop u from getting your real estate license because u have to initiation some where to make your life back on the aptly track.