When a person is looking for how to get out of a difficult debt situation, they are often very focused on the here and now. However, when looking at debt relief options, like bankruptcy, it is important to not only look at what such options will do in the short term, but what effects they could possibly have in the future. Understanding both the short-term and long-term ramifications of the different debt relief options one has can be vital to making informed decisions regarding what debt relief option to go with.
There are many potential future impacts filing for bankruptcy could have on a person. One example is that a bankruptcy could potentially affect an individual’s future job hunts.
One way a bankruptcy could do this is through impacting a person’s credit. There are a variety of different potential credit report ramifications that bankruptcy and its aftermath can have on a person, some good, some bad. These impacts could have significant implications in a job hunt, as private sector employers generally can consider a person’s credit in the hiring process and there are certain jobs that having poor credit could make a person rather unlikely to be hired for.
Another way a bankruptcy could impact a future job hunt is through impacting what sorts of professional licenses a person can get. There are some types of such licenses in which a person’s ability to get such a license can be affected by a bankruptcy. Some jobs require certain professional licenses, so a bankruptcy could potentially impact what sorts of jobs a person could seek in the future.
Our bankruptcy firm puts a high priority on giving our clients the information relevant to the debt relief decisions before them. We can help our clients understand what long-term impacts, including employment-related impacts, bankruptcy could have for them and how this affects whether their situation is well-suited for bankruptcy and what bankruptcy type might be best for them given what goals they have.