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Bankruptcy and post MBA jobs

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Bankruptcy and post MBA jobs [#permalink] New post 26 Feb 2008, 17:48
Maybe you all would know something about this. To make a long story short, I was an idiot as a teenager and went nuts with credit. It all ended up in my declaring bankruptcy around 6 years ago. Since then I have turned my life around and haven't had any sort of bad credit incidents.

Now I have been accepted to a good MBA program, but I am wondering if I will even be hireable after graduation. I'm reading that a lot of companies do credit checks and automatically disqualify anyone with a bankruptcy. Will I even be able to get a job? I'm wanting to go into something like corporate finance or brand management.

You guys can save the "Declaring bankruptcy shows what kind of person you are," or, "If you cannot handle your personal expenses, how can you be trusted with a company's," sort of lines. I KNOW that I was a stupid punk as a teenager, but I have totally changed since then. The key word is "was". Believe me, I feel absolutely horrible about what I did and the first thing I will do with any sort of signing/hiring bonus is repay all the accounts that were included in the bankruptcy (it wasn't that much money). My undergrad was in business, but after graduation I went another direction in my career. My current career is OK for now, but I can't consider it for the long run. I'm just wondering if the MBA would be worth it, or am I doomed in the business world? Would companies take into account the fact that it has been many years since the bankruptcy? What do you guys think?
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Re: Bankruptcy and post MBA jobs [#permalink] New post 27 Feb 2008, 23:13
As a former credit counselor, I can tell you that some positions are almost quite possibly out for you now, particularly in finance. I know you're a different person, and I totally relate to how much it sucks to have something from a different life pose a threat to your future. So here's what I'd do:

1. Make sure your credit is PRISTINE. You can achieve fabulously high scores post-br; it just takes a little time and good credit management. Check this out for a quick and dirty on good credit management: 108-t43370. (And please forgive me for being a bit flippant about br in this post; I really do know how painful that situation is.)

2. Find out the details on how long BRs stay on the report. They stay on there longer post-br in certain situations, depending on the situation. I don't remember exactly what the scoop is, though.

3. Work your network. Get your buddy in finance to talk to HR. Policies will certainly vary depending on the company. You can get an idea if you do a little research.

Let me know if you have other questions - I may be able to help.
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Re: Bankruptcy and post MBA jobs [#permalink] New post 28 Feb 2008, 09:53
Dont br's drop off after 7 years?
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Re: Bankruptcy and post MBA jobs [#permalink] New post 28 Feb 2008, 10:03
depends on the situation.
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Re: Bankruptcy and post MBA jobs [#permalink] New post 29 Feb 2008, 04:30
aaudetat wrote:
As a former credit counselor, I can tell you that some positions are almost quite possibly out for you now, particularly in finance. I know you're a different person, and I totally relate to how much it sucks to have something from a different life pose a threat to your future. So here's what I'd do:

1. Make sure your credit is PRISTINE. You can achieve fabulously high scores post-br; it just takes a little time and good credit management. Check this out for a quick and dirty on good credit management: 108-t43370. (And please forgive me for being a bit flippant about br in this post; I really do know how painful that situation is.)

2. Find out the details on how long BRs stay on the report. They stay on there longer post-br in certain situations, depending on the situation. I don't remember exactly what the scoop is, though.

3. Work your network. Get your buddy in finance to talk to HR. Policies will certainly vary depending on the company. You can get an idea if you do a little research.

Let me know if you have other questions - I may be able to help.


Thanks for the reply. I've heard different things from different sources. One place says that if you are running a credit check for a job with a salary over $20,000, the BR will show up now matter how old it is. Another place says that after the BR is discharged (10 years) it totally disappears and won't show up on any credit check. Another place says that most companies that do credit checks only check the past 7 years, so if the BR is older than that it won't matter.

I don't know what to believe...Anyone here have any first hand experience with this? Will there be a glass ceiling if I go into Finance, or will employers take into account the BR is very old and teenagers can be retarded sometimes?
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Re: Bankruptcy and post MBA jobs [#permalink] New post 29 Feb 2008, 06:55
You know, I can't speak to this directly as I don't know anyone who has had this experience, but here's what I suggest based on past experiences:

1. I think your absolute best course of action is to reach out to the career services people, tell them exactly what happened, be completely honest upfront and clear about it. Ask for frank, honest and clear advice. If anyone has dealt with this, they have. I'd reach out to them now, not when you get there. There may still be things you can do to mitigate.

2. Although it did not happen to me, I have worked for firms that on the first day they say they will be getting you a corporate amex card and if you believe that you wont qualify for it, go talk to HR. My old boss later admitted to me that she was one of those people. I got the impression it wasn't a big deal. Granted, bad credit is not the same as a bankruptcy, and this wasn't an investment mgmt firm, but hey, its a ray of hope right?
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Re: Bankruptcy and post MBA jobs [#permalink] New post 29 Feb 2008, 07:43
Just to add to this discussion,

could it be easier for you if you were recruited overseas from where you are. Will this give you a fresh start on your credit books in the new country?
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Re: Bankruptcy and post MBA jobs [#permalink] New post 01 Mar 2008, 14:04
rhyme wrote:
You know, I can't speak to this directly as I don't know anyone who has had this experience, but here's what I suggest based on past experiences:

1. I think your absolute best course of action is to reach out to the career services people, tell them exactly what happened, be completely honest upfront and clear about it. Ask for frank, honest and clear advice. If anyone has dealt with this, they have. I'd reach out to them now, not when you get there. There may still be things you can do to mitigate.

2. Although it did not happen to me, I have worked for firms that on the first day they say they will be getting you a corporate amex card and if you believe that you wont qualify for it, go talk to HR. My old boss later admitted to me that she was one of those people. I got the impression it wasn't a big deal. Granted, bad credit is not the same as a bankruptcy, and this wasn't an investment mgmt firm, but hey, its a ray of hope right?


I've thought of contacting the career services office of the school I will attend and asking them what to do, but I'm a bit paranoid about them rescinding my admissions offer if I tell them about the BR. Can they do that?
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Re: Bankruptcy and post MBA jobs [#permalink] New post 27 Nov 2013, 15:03
Not sure how it is for other fields, but for people with jobs with a securities license (series 7) such as wealth management, asset management, and trader, bankruptcies and other credit/criminal events are reported for the last ten years. If you're 6 years out of the event, and have another 2.5 years before graduating B-school, you'd still fall in that window.
Re: Bankruptcy and post MBA jobs   [#permalink] 27 Nov 2013, 15:03
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