Filing Bankruptcy as an Insurance agent

[ned]

Jimmye01

Get a good BK lawyer. I am sure all of us have some real life experiences to share, but none of us are trained in the bankruptcy laws of your state. We all mean well, but good legal advice is typically not cheap like our ideas, but it pays to have the right answers.

[RKunz2]

For the house (short-sale vs. foreclosure) discussion, it's my understanding that lenders report the two line items differently, as well they should because of the impact to your credit score, based on the new models from FICO, Beacon, and Emperica. A short sale is not a foreclosure; therefore, it's scored differently on the report. Buyer beware on reading a contract - it's not the first time I've heard this type of real estate transaction go down this way. Yes, that professional breached their fiduciary responsibility, but you also did not read and understand the terms of the contract you were signing. As a side note - I've heard recently that banks have started pursuing real estate loan deficiencies with more frequency than in the past. In one case, the lender waited 2 years after-the-fact to begin proceedings against the former homeowner.

On the bankruptcy, you should handle your market appointments case-by-case as others have suggested. Not sure how Farmers would ultimately react and wouldn't even want to guess at it. I'm also a former Farmer.

One consideration that no one has mentioned is premium finance. If you utilize third-party premium finance companies for any of your premiums, a bankruptcy will affect that relationship, or the ability to go get another company in place. Not sure if that's even a factor, just throwing it out there.

For everyone - at some point, this has all got to turnaround, I hope that day comes sooner rather than later!

Best wishes to you and I hope your future successes far outweigh your current challenges!