Bankruptcy carries a pretty bad reputation. Many people are afraid of it or ashamed to think that they might need it. Some even think that filing for bankruptcy can damage other areas of their life, such as harming their reputation or even impacting their ability to get a job. But bankruptcy is not as bad as most people think. All it takes is a change in mindset.
Shifting the Perspective About Bankruptcy
Bankruptcy doesn’t have to be scary, shameful, or bad. Instead, think of it this way: In the past, a person may have made wrong decisions, engaged in poor investments, or got bogged down with student or medical debt.
Bankruptcy offers relief from all that. It gives a debtor a fresh start and provides them with the opportunity to move forward with their life — without the hindrances of past decisions and poor choices. It’s a relief granted to people with financial difficulties so that they can unshackle themselves from financial problems and start again with a clean slate.
Does Bankruptcy Affect Employment?
As a general rule, bankruptcy is not going to impact a debtor’s employment. They can still move forward with the company they’re with despite it and can access new opportunities in the future. Save for jobs that require a high-level security clearance, filing for bankruptcy will not affect a person’s ability to get a job or achieve professional growth and development.
The Right Question to Ask
Instead of asking if bankruptcy will affect a person’s employment or reputation, a better question to ask is whether or not bankruptcy is the right solution to their financial situation. While it is a relief afforded to anyone with financial or debt problems, there may be other courses of action that are better suited for unique circumstances. It’s important to consult a bankruptcy attorney who can help decide whether or not bankruptcy is the best path forward.