Background question

[FLATC]

All,

I have a friend that applied to the OTS announcement as well, and he has some concerns about the background portion. (His computer just crashed recently so he is unable to post). His wife had some medical issues and he was layed off. Needless to say, the incurred a large amount of debt and decided to file bankruptcy. The rest of his app is fine...degree, no arrests, fines, etc. He is concerned the bankruptcy will prevent him from being hired. Does anyone have an opinion on this?

[Beehive]

I don't know if the FAA will care how long ago he filed. But if he has no criminal record and no other credit problems he should be fine.
If considered, and he gets to fill out the SF86 or SF85p, he should be honest and add any attachments, explanations, documents, records,etc. about it. I wish him the best of luck.

[ilovekitkats]

I attended the Ft Worth PEPC and I have some collections on my credit from 2002, I have a completely clean record since then with no lates and no more credit card debts. I didnt know if it would be better to file for BK so i chose not to...hoping my mistake 6 years ago doesnt cost me the position, but I'll let you know. I'm supposed to get my final offer letter this week.

[88MPH]

I am in the process of filing a BK. I took the test, and am supposed to get the geo-pref email on monday. I'll let ya know if it causes any snags.

[selcuktyilmaz1980]

Originally Posted by ilovekitkats

I attended the Ft Worth PEPC and I have some collections on my credit from 2002, I have a completely clean record since then with no lates and no more credit card debts. I didnt know if it would be better to file for BK so i chose not to...hoping my mistake 6 years ago doesnt cost me the position, but I'll let you know. I'm supposed to get my final offer letter this week.

I'll be looking forward to your progress as I have pretty much the exact same situation as you...3 collections from 2002, nothing since then but its cumbersome. I am trying to settle those and will likely have paid them all off by June-July...just having them on my report bugs me but hey it comes with its territory. I hope everything goes well for you

[RollnDollars86]

What exactly is the word "Collection" mean?

Debt counseling - when an agency negotiate with creditors to bring down the interest rate, and instead of user making different payments to different creditors, only one payment is made to the the credit agency and then distribute to the creditors. Needless to say, the accounts by the creditors will be closed a .

Is debt counseling consider "Delinquent"?

[ilovekitkats]

A collection is anything thats unpaid debt. I wasnt able to make the payments and everyone told me filing BK was NOT the way to go b/c you couldnt do ANYTHING for 7 years. I guess I could have filed BK and everything would be off my credit, but they also told me that if it goes into collection they fall off in 7 years anyway.. sooo since I didnt have the money to file BK anyhow, it was kind of my only option here. So...I hope this doesnt hold me back with the FAA, but will see. I should hear this week b/c Im supposed to start at the end of the month....but havnt heard anything yet!! I do have to make moving arrangements sooo I hope I hear back soon. Has anyone heard a final offer yet?

[ATC wannabe]

Originally Posted by RollnDollars86

What exactly is the word "Collection" mean?

Debt counseling - when an agency negotiate with creditors to bring down the interest rate, and instead of user making different payments to different creditors, only one payment is made to the the credit agency and then distribute to the creditors. Needless to say, the accounts by the creditors will be closed a .

Is debt counseling consider "Delinquent"?

I have been in the mortgage business for a few years now and as far as getting new credit or applying for anything, Debt Counseling (CCCS) is considered the samething as bankruptcy to all your creditors. Not sure how the FAA looks at it???