What does “Clean u-4″ mean?

Hi,
I’m new to the financial industry and was told that a “clean” u-4 is needed….what is that? I’m not sure if I will qualify or not – I had a bankruptcy 6 years ago – it’s been discharged for 6 years, and some past due accounts, but it’s only about 1,000 to 2,000 in outstanding behind debt. That’s about it. Never been in trouble with the law other than a speeding ticket. Will I clear? Thanks!

This entry was posted on Thursday, July 17th, 2008 at 10:51 am and is filed under Bankruptcy Law. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

One Response to “What does “Clean u-4″ mean?”

1. jon b Says:
   July 18th, 2008 at 6:10 am

   A U-4 is a document that is filed by all licensed securities professionals. (I think it’s actually filed with the NASD, but I forget exactly who holds it). All court actions of a financial matter have to be disclosed (ex: foreclosures or bankruptcy) and will appear. (also certain criminal action, felonies, work history, etc). A clean U-4 would have nothing derogatory on it – which unfortunately won’t be the case for you as for most matters they go back 10 years. A U-4 is a public document that your future customers can find online which is why a clean U-4 is an asset to the firm’s reputation.