Can I be bonded after a bankruptcy? The short answer is yes, yes you can.
Getting Bonded After Bankruptcy
Getting approved for a surety bond after a bankruptcy depends on two main factors:
- Factor #1: The type of surety bond you are applying for and
- Factor #2: How long ago the bankruptcy was discharged
If you have an open bankruptcy, this does not mean you will be automatically declined for a surety bond, it just means you might need to pay more. With an open bankruptcy, you might need to provide collateral (property, assets, etc) in addition to paying for your bond.
Surety Bonds and Bankruptcy
A bankruptcy will affect your chances of getting any type of surety bond, but some bonds are affected more.
Types of bonds that are more affected by bankruptcy:
- Bid Bonds
- Performance Bonds
- Payment Bonds
- Fidelity Bonds*
*Some jobs might require people with bankruptcies to get a Fidelity Bond before they are hired. There is a market for Fidelity Bonds for high-risk applicants. It is possible to get bonded. Be honest with the surety company when applying for your bond and they might be able to work with you.
Types of bonds that are less affected by bankruptcy:
- Motor Vehicle Dealer Bonds
- Contractor License Bonds
- Private Investigator Bonds
- Other licensing bonds
Need a Bond? Have a Bankruptcy?
Surety Solutions can work with you. Getting started is as easy as selecting your state, entering in some personal information, and getting a quote.
We’ve bonded people who never thought they would get approved for a bond.
Concerned about applying for a bond? Give us a call at 866.722.9239.