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Will bankruptcy hurt your job prospects?

On Behalf of | Nov 8, 2021 | Bankruptcy

Contrary to what many want you to believe, bankruptcy can actually open the door to opportunities. When you leverage this resource the right way, you may find that it allows you a clean slate to rebuild your finances.

Bankruptcy can have an impact on areas of your life including your credit score and your ability to secure lending. In some situations, it may also influence your job search. However, knowing what to expect can help you make confident decisions about your goals going into the future.

Some employers look at credit scores

Some employers may inquire about your credit score which could bring up questions about your bankruptcy case. For example, members of law enforcement work closely with others’ personal belongings and may sometimes encounter valuables in evidence. Similarly, if you apply for a job where bribery is a risk, you may also need proof of financial security.

Answering questions about your bankruptcy case does not have to feel awkward. Honestly explain your situation and describe how your decision improved your life and taught you valuable lessons. Under no circumstance can an employer discriminate against you because of your financial past.

Take charge of your situation

You do not have to allow your bankruptcy to dictate the course of your career. Rebuilding your credit will take time, but you can increase your score with consistency and careful planning. According to MSN, pay your bills on time and inquire about having expenses like utilities reported to help boost your score. You can also consider opening a secured credit card which may help if you can keep up on payments.

When you use your bankruptcy to jumpstart your future, you can minimize the negative impacts that most people fear as a result of filing.