While bankruptcy can provide much-needed relief to those who are overwhelmed with their debt problems, there are certainly some ramifications you should be aware of. One thing you might be worried about is whether bankruptcy will affect your current job. Can your employer fire you or discriminate against you if you declare bankruptcy?
No, at least your employer cannot legally fire you simply because you declare bankruptcy. Federal law prohibits discrimination against you because of a bankruptcy petition. Prospective employers are a different matter, however.
If you apply for a job, the company can look into your credit report. This is particularly common if you have to be bonded such as a job in a jewelry store or dealing with financial matters. There is certainly a chance that an employer would choose to look elsewhere after looking at your credit report in these cases. Not every company will do this, however, so it isn’t as if you could never get a job.
Even so, your current employer is not supposed to take any negative action against you. Chances are your boss will not even find out about your financial situation. Yes, your filing is technically a matter of public record, but who is going to bother looking into this? You don’t have to mention your financial troubles or your Chapter 7 filing to your boss. Unless you live in a small community, your neighbors and coworkers would likely not have any idea.
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