How bankruptcy affects your job and career
There is no doubt that bankruptcy can provide much-needed debt relief, particularly if you are overwhelmed with debt problems. However, it is normal that you might be concerned about it's potential impact on your job and career. However, unless it is a clear violation of the terms of your contract of employment, it would be illegal for your current employer to sack you simply because you have filed for bankruptcy. Your employer could be prosecuted in such a scenario. However, when you are talking about prospective employers, they are a completely different kettle of fish. To start with, it's pretty standard for financial, gaming and government employers to conduct background checks.
In spite of the global recession, there has been a marked increase in organisations that are checking out the credit reports of prospective employees. These employers may not want to employ you, particularly if they have taken the time to perform such checks. The reason for this is that such employers are of the view that reliability and creditworthiness go hand in hand. They tend to view how you handle things personally as a probable sign of how you would handle their company's assets. They may therefore be of the opinion that people who are unable to take responsibility for the financial affairs may end up blaming other people for their own failings and mistakes. Basically, these employers will want to be assured that you will not be a high risk investment if you are hired. So even though there are laws that forbid an employer from discriminating against a prospective employee solely because the applicant has declared bankruptcy in the past, the possibility exists that the employer may choose to look elsewhere. However, there are also many employers that do not do any such checks, and don't care whether you've been bankrupt before.
Now you might be thinking that filing for bankruptcy rules you out of the running for jobs that require background checks. Not necessarily. You should never underestimate or overlook the ability of employers to be sympathetic. They are human after all. If the only negative thing on your credit file is the bankruptcy, then you stand a much better chance than if you have lots of other negative things in your report. Having bad credit is bad, but personal bankruptcy IS a solution. Filing for bankruptcy demonstrates that you identified a problem in your financial life and took steps to rectify it. Bankruptcy hasn't ruined your employability. It has made landing your dream job more difficult, but by no means impossible.
So the question is, what should you do if want to, or you have recently applied for a new job that requires background checks after recently filing for bankruptcy? In the case of jobs where your background will be checked out, be upfront and honest about the circumstances of your bankruptcy and what led to it. Don't' ignore it, and don't make excuses for it or try to lie about it. It's there in black and white. Secondly, you will need to sell yourself harder to convince the employer that they are not taking a high risk by employing you. You can only do this by showing that personal bankruptcy has made you wiser, more responsible, and this time, much more determined to succeed.
Questions and Answers
Bankruptcy is a method for those who find that they are deep in debt. This kind of debt is often brought on my illness, losing one's job, divorce or extending one's debt for a long period of time.
Bankruptcy is one of the more effective ways to deal with debts you cannot afford to pay. Once you declare that you are bankrupt, all assests in your possession will be used to pay your outstanding debts.
This is the second of two articles in which the option of bankruptcy is discussed. It relates primarily to those living in Stoke, Coventry and Birmingham, but it applies to the whole of England
This is the first of two articles in which the option of bankruptcy is discussed. It relates primarily to those living in Leicester, Derby and Nottingham, but it applies to the whole of England
This is the first of two articles in which the option of bankruptcy is discussed. It relates primarily to those living in Stoke, Coventry and Birmingham, but it applies to the whole of England.
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