U4 Disclosure

Hey All,

Hopefully someone out there has an experience similar to mine.  I have a prospective new firm that is interested in hiring me, and its time to fill out a new U4. My licenses lapsed since my last job, so I'll have to get relicensed and everything.  Series 6 and 63 for what its worth.

A couple years back, after being laid off I was forced to settle on some credit cards, in U4 terms, entering a compromise with creditors.  I understand that I have to include this on the Disclosure Reporting pages, but then what? 

What exactly is the process with FINRA checking it all out as well as the time frame for them to review everything?

I'm hoping that there is someone out there who can offer their experience or input, because right now I'm a bit nervous.  If that is the only thing on my U4, it shouldn't cause any real issues being registered, should it?

Thanks