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Impact of Bankruptcy on Your Job and Career

If you are under the pressure of outstanding debt and are looking for a way to come out of it, then bankruptcy is one of the effective and popular ways to clear the exiting debt. But the only concern about bankruptcy is its impact on your job and career. People often have a fear in mind if bankruptcy affects their employability. However, the fact is your employer cannot sack you just because you have filed for bankruptcy. If they do they will be prosecuted in such a scenario.

There has been a marked increase in almost each and every organization that employers check the credit report of prospective employees before hiring them for a job. But if the employees take a lot of time in performing such checks, then employers may not hire them. The reason for this is that such employers are of the view that reliability and credit worthiness go hand in hand. They want to be assured that they will not be a high risk investment if they are hired. Even though there are laws that forbid the employers to discriminate the prospective employees just because they have filed for bankruptcy, but still there are many employers who look into the factor of bankruptcy while hiring an employee. At the same time, there are also many employees who do not even bother to check the credit report and do not care if the employee has been bankrupt before.

Now, you might be thinking that filing for bankruptcy will rule out your desired job and career. But that does not happen all the time. You should never overlook the possibility of some employers being sympathetic to you. After all they are human. If the only negative thing on your credit report is filing for bankruptcy and not other major problems like bad credit and miss payments, then you deserve a much better chance. Having a poor credit is bad, but filing for bankruptcy is a solution. So bankruptcy must not ruin your employability.

When your credit report is checked by your employer, you should be always upfront and honest about the circumstances of bankruptcy and what led to it. Do not lie about it or do not try to hide the facts since everything is there in black and white. Also, try to convince your employer hard that you will not be a risk for the organization. You can only do this by showing that personal bankruptcy has made you wiser, more responsibility and much more determined to succeed.

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