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Can Declaring Bankruptcy Harm Your Employment Opportunities?

Can Declaring Bankruptcy Harm Your Employment Opportunities?
"Employers are increasingly using background checks and other methods to determine whether job candidates are """"worthy"""" of employment at their company. These employers have discovered that a credit report check is an effective method for determining a candidate's dependability, loyalty, and moral character. But does filing for bankruptcy harm your employment prospects?

Well, it is conceivable that having a bankruptcy on your credit report and having a potential employer review your background will have a negative impact. This has become a major topic of discussion, despite the fact that these are unquestionably difficult economic times and that many people are struggling to pay their expenses and find work. The problem lies in what an employer considers when making a hiring decision, and without knowing all the facts, a decent candidate may be overlooked due to a prior bankruptcy filing.

There are numerous reasons why an individual might need to declare bankruptcy. Many of these factors have nothing to do with overextending oneself or one's credit or lacking the moral fortitude to repay loans. Here are some legitimate reasons why individuals file for bankruptcy.

Filing for bankruptcy during or after a divorce is extremely common. After dividing the assets, the divorcing parties are still responsible for legal fees. Frequently, these obligations and expenses overwhelm the two parties, leaving them with no choice but to file.

People become ill, and when they become ill, they miss employment. A person may not be able to pay their bills if they have a long-term illness, were in an accident, or were injured in another manner. After medical bills, past-due balances, and other bills have accumulated, the only option is to file for bankruptcy.

Identity theft - Identity theft is on the rise, affecting an increasing number of individuals. When a criminal uses a victim's social security number to apply for credit without their knowledge, the victim may be left with a substantial debt. Now, the majority of lenders will absolve the victim due to fraud, but their credit report will always be negatively impacted. Occasionally, lenders refuse to work with a victim of identity theft, resulting in their filing for bankruptcy.

These are all valid reasons for declaring bankruptcy that do not indicate a lack of values or integrity. However, if an employer is deciding between a candidate with a bankruptcy filing on their credit report and a candidate with perfect credit, they will sometimes minimize their own risk by selecting the candidate with perfect credit. Is it fair? Probably not, but it is also not illegal and does not constitute discrimination.""

" - https://www.affordablecebu.com/
 

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"Can Declaring Bankruptcy Harm Your Employment Opportunities?" was written by Mary under the Finance / Wealth category. It has been read 202 times and generated 1 comments. The article was created on and updated on 03 June 2023.
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