Career-Related Dos And Don'Ts Of Declaring Bankruptcy

Law Blog

If you feel as though a declaration of bankruptcy is in your future, there are definitely right and wrong ways to go about this process. You'll want to consult with a legal professional to better understand the process of declaring bankruptcy. This is especially true if you're currently employed or are actively look for work — something that may be possible, even if you're thinking about bankruptcy. Here are some career-related dos and don'ts of declaring bankruptcy.

Do: Wait Until You Get Hired

If you're between jobs and have done some interviews at various companies, it's possible that you'll soon get a job offer. If possible, it's ideal if you can hold off declaring bankruptcy until you get officially hired. Many companies run background checks on prospective employees, and this process can include a credit/financial check. If you declare bankruptcy before you get a job offer, it's possible that the offer will never come because the employer is nervous about you.

Don't: Let Bankruptcy Distract You At Work

If you're currently employed but are still thinking about moving forward with a declaration of bankruptcy, it's imperative that you don't let your financial situation impact your ability to do your job. If you get too preoccupied with your bankruptcy, you could struggle at work — and this may affect your job. Trust that your bankruptcy attorney is taking care of everything for you so that you can continue to focus on working and making money.

Do: Tell A Trusted Manager

Even though companies usually run credit checks before an employee is hired, and not once someone is hired, you don't necessarily want your boss to find out about your bankruptcy situation from an outside source. It's far better to reduce the stress that you might feel about this situation by talking to a trusted manager and divulging that you're declaring bankruptcy. Your attorney may be able to give you some advice for having this conversion productively.

Don't: Lose Track Of What You're Making

You might be happy to be earning a salary when you're facing some financial challenges, but don't fail to track exactly what you're taking home each week. Given your situation, it's possible that wage garnishment may be an issue for you. This isn't something that you want to overlook. Should you learn that your employer is withholding some of your wages, bring this to your bankruptcy attorney's attention right away.

Contact a legal firm, like Price James S & Associates, for more help.


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