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Bankruptcy may no longer keep a person from a job

| Mar 27, 2020 | Uncategorized

Those who have declared bankruptcy in Florida can get a fresh start and some relief from their debt. New research shows that the fresh start does not have to come at the expense of their employment prospects. This tells a significantly different story than the one that experts have long believed.

The study compared the employment prospects of people who have a bankruptcy on their record versus those of people who have had it removed. Surprisingly, there was little difference in their ability to find a job. In addition, those who had declared bankruptcy did not have a higher chance of losing the job that they already had. This was a surprise to even the researchers, who were aware of years of studies indicating that employers may view those who declared bankruptcy as being more unreliable.

Perhaps the change in the way that employers view bankruptcy results from the massive dislocation caused by the 2008 recession when millions of people were forced to declare bankruptcy due to events that were completely beyond their control. The hope is that employers will now exhibit some understanding of the circumstances that people may be facing in such difficult times.

An Chapter 13 bankruptcy could help debtors get to a more manageable reality where they can get a bit of relief from a crushing debt burden. An experienced bankruptcy attorney may advise their client on the procedure that would need to be followed in order to make this filing and help their clients to get on the road to a more sustainable financial situation.

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