Legal Question in Bankruptcy in New York

Re: Bankruptcy for a Licensed Professional

Under federal Bankruptcy Law any license issued from a government or government agency cannot be denied or revoked due to filing a bankruptcy. However, if a "license" is issued by a private non-government organization, such an organization can generally issue or revoke their "licenses' as they wish. Also, it depends on the state. New York is generally good about such things. Some states are more strict and even have found ways around the Bankruptcy Law such as Texas and Florida which denied certain licenses for those who has filed bankruptcy arguing that they are denying the licenses based on "fiscal irresponsibility" and not on the bankruptcy. In New York state you will likely not lose your license - that is if it is a governmewnt issued license.

Re: Bankruptcy for a Licensed Professional

I am sorry it has come to this. But there are ups and downs in everyone's financial life. This is a dip, but I am sure you will bounce back.

There is no problem for a financial advisor making a ch7 bankruptcy petition. It will not have an impact on his licenses or career.

I would be happy to assist you in drafting the CH7 petition.

You are welcome to a consultation for no fee at my offices at 42 West 44th Street, New York, NY. Please call for an appointment first; (646)- 591-5786