Effects of Bankruptcy on Careers
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Effects of Bankruptcy on Careers

The effects of a bankruptcy on careers are extremely difficult to measure. More often than not, factors other than whether a person has filed for bankruptcy have a much stronger impact on someone's career path.

In fact, by tackling your debt through personal bankruptcy, you may be able to restart your financial life. In turn, your new-found financial health may help boost your career prospects.

To learn more about the potentially positive effect of bankruptcy on careers, you can discuss your situation with a local attorney. Simply fill out the form below for a free case evaluation with a bankruptcy attorney today.


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Benefits of Bankruptcy on Careers

If you are concerned about the effect of bankruptcy on your current or future employment, it may help to first consider the potential benefits of bankruptcy.

If, for example, you are concerned about maintaining your current lifestyle in order to continue on your career path, but don't know how you are going to catch up on your debts, consider filing for Chapter 13.

Chapter 13 bankruptcy allows filers with a steady income to create a new debt payment plan that allows them to catch up on old debt while keeping their valuable property.

In particular, many people file for Chapter 13 when they are looking to:

By allowing you to maintain stability in your life, Chapter 13 may allow you to seamlessly transition through the bankruptcy process while holding onto your job and important property.

If, on the other hand, you choose to file for Chapter 7 bankruptcy, you may be able to eliminate some or all of your unsecured debts, including medical and credit card bills. By doing so, you may be able to move past your debts and focus more of your energy on developing your career.

Again, while the effect of bankruptcy on a career depends a great deal on your circumstances, the potential to relieve your debts may improve your career prospects, rather than harm them, as some people might suspect.

Successful Careers After Bankruptcy

Bankruptcy may help improve your short-term financial prospects by freeing you of some or all of your debts. The future, however, depends on the steps you take to develop healthy financial habits.

Filing for personal bankruptcy does not have to throw a wrench in your future plans. On the contrary, after filing for bankruptcy, many people are able to:

  • Stay out of debt
  • Buy or rent a new house or lease a car
  • Rebuild their credit
  • Strengthen their career

To learn more about how bankruptcy may affect your career prospects, speak with a local bankruptcy lawyer today.


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