Banruptcy filing will it help?

[Bond Guy]

My husband has been a residential contractor in our area for 12 years. He has never had any sort of claim or lein against his jobs. He has let his surety bond cancel, and received notice from the SC Dept of LLR that he needs to get a bond within the next 11 days, or his license is in jeaopardy. His business is not incorporated, and our credit rate is poor. Are we going to have problems getting a bond, and if so, would filing personal bankruptcy help the process? He obviously wants to keep his license if possible.

[Surety Queen]

Originally Posted by Bond Guy

My husband has been a residential contractor in our area for 12 years. He has never had any sort of claim or lein against his jobs. He has let his surety bond cancel, and received notice from the SC Dept of LLR that he needs to get a bond within the next 11 days, or his license is in jeaopardy. His business is not incorporated, and our credit rate is poor. Are we going to have problems getting a bond, and if so, would filing personal bankruptcy help the process? He obviously wants to keep his license if possible.

First off - I would discuss the option of filing bankruptcy with your attorney or accountant. From a bond standpoint, it will definitely not help. We do have high risk programs for people with less than perfect credit so I'm sure we can help you get a bond - I just don't know what the premium will be. If you are interested in applying, please follow this link to the on-line application: Contractor's License Bond | JW Surety Bonds