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 its 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.
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