Tuesday, August 16, 2016

Can I Be Fired From My Job If I File Bankruptcy?

When you are having financial difficulties, the last thing you want to worry about is the stability of your job. Your job is what provides a paycheck, and the ability to provide for your family. The combination of being on shaky ground at work, on top of being overextended on your monthly obligations, can be emotionally and financially devastating. This type of stress can be relieved though, because you do have options when it comes to getting your finances in order. One of those options, and one that works wonders for a lot of people, is to file for bankruptcy. If you are considering bankruptcy, you should know a few things about how it works and how your daily routine will be impacted.

A big concern for people thinking about filing for bankruptcy is whether their employer will find out, and fire them from their job. The law does not allow dismissal from work on the grounds of filing bankruptcy, but depending on your position you may want to make sure your employer is aware you are exercising your right to this legal remedy. For instance:

         If you work at a bank or other financial institution, there may be concern over your ability to handle money if you are experiencing financial hardship.

         If you are in a position to hold the funds of others in trust, you should advise those with the need to know of your plans to seek the protection offered by bankruptcy.

         If you are applying for a job and one of the requirements is a credit check, you should be aware that this requirement is not always legitimate. We can help determine whether the request for your credit history is a necessary component to a job application.

Other concerns people have about how their lives will be affected by bankruptcy include whether they will get to keep certain things, and whether creditors can still collect on the defaulted accounts. The answer to whether you can keep certain pieces of collateral depends on the type of bankruptcy you file, and your intentions regarding the property. In any type of case, you are not permitted to hang on to things without paying for at least a portion of the loan. As far as the concern over creditor contact goes, all of your lenders are prohibited from contacting you about their debt the minute your case gets filed. If this sounds like the type of relief you need, call us today to find out the next steps.

If you have more questions about bankruptcy and if you can lose your job if  you file a case, contact us at www.law-ri.com. We will help by coming up with solutions that work for you and have multiple locations to meet your needs for office visits.

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