Any Licensed Reps/Series 7/ NASD

[jribe]

Hello All,

Just wondering if anyone knows anyone that holds licenses like the series 7 or 66; were you able to keep the license after bankruptcy?

I've never seen anything in the disclosures about a BK affecting the ability to hold the license.. But I may be getting a new position that requires me to keep my 7 active.

Thoughts? Experience?

Thanks!

[jribe]

no one?

really?

[Sldrofmsfrtn]

Yes, I'm series 7, 66, Life, Health etc etc...

The economy has really hit me bad. Business down by about 40%. Im having a hard time making bills now. Much more has to go out than is coming in. I am not sure what will happen if we file. Would have to be a chptr 7 as Series 7 (thats a stockbroker to the non-investment industry folks here) cannot file a chapter 13. I am hoping to hang on till Sept. Due a bonus then that could take care of the problems. If I got fired in the meantime or the firm reneged and hosed us on the bonus....Id be probably having to do something. If biz gets back to normal it may also be avoidable for me. I will tell you one thing....no matter what, we are making changes to our llifestyle. Living like idiots for the last 1/2 decade has caught up. Ive made very good money and Im ashamed I wasnt better at managing it. Im good with others money and Im no good at dealing with my own! Its absurd!! My wife cant deal with it so Im out of luck there (I still love her though ). Its all on me or not happening. Anyway to answer your question, I beleiev you can keep your license after a Chapter 7, but your at the mercy of your firm. They could fire you. Maybe not for the BK per se, but they could come up with a reason. Some of these firms are heratless. Also the bk will be on your U4. A prospective client can go to the FINRA website and look you up and they will see the BK in all its ugliness. Can you take a deal and move to a new firm?? The upfront check would surely help you. I would be doing that now, but for the Sept bonus.

I searched the internet high and low. Very little info if any on what happens to stockbrokers who file bk. Its like a taboo subject. I asked a couple dudes at work who are having a hard time now. No one wants to even discuss the possibility of a bk. Asking the boss isnt really an option either. Best speak with an atty who knows understands our business and get some advice.

[jribe]

Thanks for sharing!
I actually work for a major Bank, and am basically classified as a employee of said bank, and employee of their investment firm.

The job i'm looking to take would just require me to hold the license; but i wouldn't be selling anything. Just advice here and there. The could-be boss is a great guy- he wouldn't fire me over a BK. I just didn't know if i could still hold the 7.

I just have to be licensed to keep that job. Otherwise he'd have to let me go.

I understand where you coming from though; a lot of FA's are in that kind of situation. It's hard making such good money and then the market turns sour.

If you feel like sending me a PM, i can tell you which firm i work for. I know a lot of the advisors, and they are still doing very well. It's just this particular firm is really strong now. Obviously it makes a difference for clients...

Anyway, good luck with everything!

The economy has really hit me bad. Business down by about 40%. Im having a hard time making bills now. Much more has to go out than is coming in. I am not sure what will happen if we file. Would have to be a chptr 7 as Series 7 (thats a stockbroker to the non-investment industry folks here) cannot file a chapter 13. I am hoping to hang on till Sept. Due a bonus then that could take care of the problems. If I got fired in the meantime or the firm reneged and hosed us on the bonus....Id be probably having to do something. If biz gets back to normal it may also be avoidable for me. I will tell you one thing....no matter what, we are making changes to our llifestyle. Living like idiots for the last 1/2 decade has caught up. Ive made very good money and Im ashamed I wasnt better at managing it. Im good with others money and Im no good at dealing with my own! Its absurd!! My wife cant deal with it so Im out of luck there (I still love her though ). Its all on me or not happening. Anyway to answer your question, I beleiev you can keep your license after a Chapter 7, but your at the mercy of your firm. They could fire you. Maybe not for the BK per se, but they could come up with a reason. Some of these firms are heratless. Also the bk will be on your U4. A prospective client can go to the FINRA website and look you up and they will see the BK in all its ugliness. Can you take a deal and move to a new firm?? The upfront check would surely help you. I would be doing that now, but for the Sept bonus.

I searched the internet high and low. Very little info if any on what happens to stockbrokers who file bk. Its like a taboo subject. I asked a couple dudes at work who are having a hard time now. No one wants to even discuss the possibility of a bk. Asking the boss isnt really an option either. Best speak with an atty who knows understands our business and get some advice.