Updated Wednesday, September 17, 2014 as of 11:32 AM ET

Defining Full Disclosure

Several years ago, when I was a registered rep for a brokerage firm, my employer sued me for money owed on a promissory note that I'd signed when I became employed with them. I wound up losing and filed for bankruptcy. I'm now applying to become registered as an investment adviser and my state has "suggested" that I may need to disclose the civil action and bankruptcy on my Form ADV. I know the bankruptcy has to be disclosed but I don't think the lawsuit my employer filed should be. Can you give me some advice?

— J.L., Nebraska

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