bankruptcy real estate license
If a person files bankruptcy, can they get a real estate license?
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 contract/temp work, no other jobs. She is trying hard and interviewing with a lot of companies and headhunters, but I think she is giving up and just gonna try and work for herself.
Between her MBA student loans (they refuse to reduce the payments), car note (no bus line within 2 miles of apartment) and credit cards, she is just sinking fast. Before she makes a long-term error, I want to give her some solid advice…
Can they still get a real estate license (taking the class right 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 get a license due to filing for bankruptcy?
Bankruptcy shouldn’t go against her in getting a license. However, 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 get rid of a student loan in bankruptcy.
If she is out of work, she should be able to get a deferment on the loans. They will still accrue interest but at least 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 Education Website, link below, for info on loan consolidation. She needs to get them deferred until she finds permanent work first and consolidate them into one payment. They are likely to give her a lower interest rate too.
