Posted by Maranga Ink Resources on 8/7/08 7:48pm
Msg #259201

NOTARY WITH BANKRUPTCY!!!!!

Please tell me if you know of a Notary /CNSA that had to file bankruptcy. What could happen with his Commision? Is the same in all states?
Due to slow and low volumen and problems with TC closing offices....has hurt as well their income.
Thank you

Reply by Glenn Strickler on 8/7/08 7:51pm
Msg #259202

An attorney can best answer that question.... n/m

Reply by ME/NJ on 8/7/08 7:53pm
Msg #259203

Not sure about your comission, but I have looked into it for our LLC, the cost to do a corporate bankruptcy is unreal (would cost many thousands of dollars vs a personal one) The lawyer was funny, screw the companies you owe, only worry about debt that you have personaly backed.

I'm hoping to make it till the end of this year and disolve the corporation.

Reply by CopperheadVA on 8/7/08 7:54pm
Msg #259205

I don't know about other states, but here in VA filing bankruptcy is not a felony (or a crime of any nature, for that matter) and having a felony conviction is the only thing that would prevent someone from becoming a notary in VA. We don't have a background check required here - not sure if filing BK would affect someone in a state that requires BGC's.

Reply by PAW on 8/7/08 9:01pm
Msg #259210

The background check typically doesn't include bankruptcy checks, only criminal checks and credit negligence. Bankruptcy today is not always looked upon as bad credit management like it used to be. There are many reason and causes for bankruptcy even with perfect credit.

Reply by Joan_OH on 8/7/08 9:41pm
Msg #259227

If your state requires a bond......

wouldn't your ability to obtain a bond be affected by a recent bankrupcy, thus affecting your ability to renew your commission?

Ohio doesn't require one, so I'm not too familiar with bonds, but know some states require them.

Joan-OH

Reply by Ilene C. Seidel on 8/8/08 5:38am
Msg #259248

Re: If your state requires a bond......

Joan I think your right bond's are predicated on credit scores.

Reply by BrendaTx on 8/8/08 6:15am
Msg #259250

Seeking a job kept me from having to consider my business "bankrupt". It's as good as ever, but I have a JOB and as far as I am concerned, Texas notaries who depended on the loan income should have been looking for a job at the end of 2006.

When I saw the downturn coming I didn't fool around with it as I prefer to have an income in the black, not red. I like red, but mostly on shoes and purses, not in my income. I gave it about two months before I decided to move into critical mode and realizing it was going to be like dominoes falling.

In Texas, if you need this income, choosing bankruptcy over stopping the insanity (ie, getting a job to pay the bills while "hoping" for change) IMHO is the same as borrowers taking those adjustable mortgages they "hoped" to somehow be able to to pay when they adjusted "knowing" full well it wasn't going to happen.

Crisis mode is here for many - try employment to avoid stiffing others out of their money.

Texas notaries are taking jobs they don't like, creating new/harder, but paying businesses, taking jobs that cause them to work shift work, but they are jobs that pay. Jobs aren't the end of the world. They are a means to shoulder your load of the debt...not just avoid it.

Reply by John_NorCal on 8/8/08 8:16am
Msg #259260

As usual some homespun advice to make the point abundantly clear. Things are indeed in crisis mode as witnessed by the folks who take jobs at ridiculous fees. Thankfully I'm in a position where I can avoid that. I am not about to "pay" just so I can do a signing.