Going Back to Work and Bankruptcy

: Chris Lee Law Firm

  Filed under: Bankruptcy

considerationsMost often individuals who are in a bad financial situation are also unemployed. They begin to consider going bankrupt as they see no other way out of their financial problems. While this is a good decision for many people, it is always wise to consult with your Fort Worth bankruptcy attorney to see if this is the best option for you.

Bankruptcy does affect your future. Circumstances do change though, and you may be concerned as to how your going bankruptcy now will affect you when going back to work. If you go back to work prior to claiming bankruptcy then the creditors are going to take this as a means for you to be able to pay your debt. They make even take action to garnishee your wages.

After bankruptcy you are no longer in this situation. Creditors that were dealt with during your bankruptcy cannot come after you for payment nor can they have any effect on your wages. What does have to be taken into consideration is whether your bankruptcy is a chapter 13 or chapter 7. Chapter 13 is more of a repayment plan so new employment could affect that. Most likely however, due to the fact that you are out of work and provided you don’t have any other source of income you are more likely eligible for the chapter 7 bankruptcy.

In respect to getting new employment because you have gone bankrupt, in many cases new employer’s see this as a positive and responsible action that you have taken on your part. They don’t need to be as concerned about you being in heavy financial debt which can lead some employee’s into doing things that are detrimental to the company itself.

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