While bankruptcy is very much a viable and legitimate means of resolving desperate financial situations, people have some very grave and real concerns about a number of potential consequences. A commonly asked question by those considering bankruptcy as a route to solving their problems is, “Will bankruptcy affect my job?” And if so, “HOW will bankruptcy affect my job?”
Well, technically, federal law prohibits any discrimination on the part of your lawyer against you because you have declared or are planning to declare bankruptcy. So, you should not feel concerned about the potential problems with an existing employer. There should be no ill will, negative responses, being overlooked for promotions and certainly not fired over your personal financial situation in regard to bankruptcy. If you receive this type of treatment, your employer is in breach of the law and you could take legal action against him or her.
But what about prospective employers?
Well, when you apply for a job, a company can look at your credit report. This is particularly common for positions that will require you to be bonded, such as jobs in the financial services sector and in areas such as jewellery stores. While having bankruptcy on your record will not eliminate you entirely from still getting the job, you should be prepared for that fact that there is am much slimmer chance of an employer still opting to employ you for such a position knowing that you have bankruptcy on your record.
So consider this another reason to ensure you weight up the benefits and downsides to bankruptcy before just going ahead and deciding to do it. As with anything you do financially, there are bound to be consequences and you have to make sure that you are aware of these consequences and can handle them.
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