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Personal bankruptcy gives struggling borrowers the opportunity to recover from unmanageable debt, but it does carry consequences that may impact other areas of your life. For instance, many borrowers worry that filing for bankruptcy protection can negatively affect their career or even cost them their jobs. While most petitioners will not suffer any negative consequences, in some cases pursuing debt may have an impact on your future employment prospects.

How Personal Bankruptcy Can Affect Your Career

Will You Lose Your Job?

Most people will not lose their current job as a result of filing for personal bankruptcy. In fact, because companies typically don’t run a credit check on current employees, your employer will probably not learn of your bankruptcy filing unless you tell them.

Will Bankruptcy Cost You a Promotion?

personal bankruptcyIn some industries, your employer may check your credit report as part of the promotion process, especially if you’re applying for a position with access to sensitive information. Unfortunately, because personal bankruptcy will dramatically lower your score for a period of time, filing for bankruptcy protection could make you ineligible for certain high-responsibility positions.

Will Bankruptcy Hurt Your Future Job Prospects?

Unfortunately, employers in many industries check credit reports as part of the application process. If you’re planning to work in the financial or security sector, having a bankruptcy on your credit report may make it more difficult to find a job. However, you may have a chance to explain your financial situation at the interview and show that you are recovering from the setback. It’s worth noting, also, that employers in some industries won’t check your credit at all.

 

If you’re struggling to meet your financial obligations, the debt relief attorneys at Brian R. Cahn & Associates, LLC have the expertise to identify all your options and help you reclaim your life from debt. With offices in Cartersville, Woodstock, and Dalton, they provide effective legal counsel to northwest Georgia borrowers dealing with even the most difficult financial issues. Visit their website for more on their personal bankruptcy services or call (770) 382-8900 to schedule a consultation at their Cartersville office. To speak with an attorney in Woodstock, call (678) 247-1408. Call (706) 275-6022 to contact their Dalton location.

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