It is no secret that those who consider bankruptcy are in dire straits. However, there is a clear difference between immediate financial issues and consequences that may arise many years from now. Individuals should consider both the long-term and the short-term implications of bankruptcy. If you are thinking about whether or not bankruptcy is the right choice, you might be worried about how it will affect your life going forward. Will it be on your permanent record? Could it affect your ability to get a loan in the future? Could it impact your employment opportunities?
These are all important questions, and a qualified bankruptcy attorney can answer them in a clear, concise manner. There are many implications of bankruptcy, and it is important to understand all of them fully before you decide on your next steps. An experienced attorney can not only explain these implications, but they can also guide you through bankruptcy if you choose.
How Bankruptcy Affects Employment
No employer can legally fire you because you have filed for bankruptcy. In addition, an employer cannot change the conditions of your employment after they have discovered you have filed for bankruptcy. This includes reducing your salary, demoting you, or taking certain responsibilities. If your job requires a security clearance, you might even find that declaring bankruptcy helps you. By declaring bankruptcy, you eliminate all of your debts. People with less debt are more difficult to blackmail.
If you are applying for a government job, they are legally not allowed to consider your bankruptcy as a factor in the hiring process. Private employers do not have to abide by this rule, and you may discover that your past decision to file for bankruptcy impacts your ability to find work. Many employers conduct credit checks on applicants, and this will allow them to discover that you have filed for bankruptcy in the past.
Is Bankruptcy on My Permanent Record?
After you declare bankruptcy, it will remain on your credit report for up to 10 years. In addition, bankruptcy petitions are classified as public records. This means that technically speaking, people could access these court records. However, it is unlikely that an average person would find out about this, unless you specifically tell them.
Is it Harder to Get a Loan After Declaring Bankruptcy?
Your ability to get loans is largely determined by your credit score, and bankruptcy almost always damages your credit score. That being said, you will still have the ability to secure loans after declaring bankruptcy. It might be more difficult, but it is still well within the realms of possibility. In addition, you can immediately start rebuilding your credit after declaring bankruptcy, and soon enough you can establish a strong score once again.
Enlist the Help of a Qualified Bankruptcy Attorney Today
If you have been searching Georgia for a qualified, experienced bankruptcy lawyer, look no further than Lankford & Moore Law. We have a wealth of experience with Chapter 7 and Chapter 13 bankruptcies, and we can help you make the right decision based on your unique circumstances, priorities, and goals. Making the correct choice becomes much easier when you have a dependable legal expert by your side.