Bankruptcy may not harm your present and future employment

On Behalf of | Apr 6, 2020 | Consumer Bankruptcy |

Many people who consider filing for bankruptcy in Ohio have been led to believe that it can have a negative impact on their present and future employment prospects. However, there is some new research that may alleviate some of these concerns. Specifically, this study found that bankruptcy had no statistical impact on employment chances.

The research compared hiring numbers of people who had a bankruptcy on their record versus those of people who had it removed. The study found very little difference in the hiring numbers. The study also concluded that there was not a large number of people who were terminated from their current employment after they filed for bankruptcy. The researchers were aware of the previous research that led people to believe otherwise and were admittedly surprised by their findings.

One possible explanation for the change in thinking is that the Great Recession altered how the public views bankruptcy. Where bankruptcy was previously seen as a sign of unreliability and fault, it may now be viewed as ordinary people being overtaken by circumstances beyond their control. This theory may be further tested in the coming months as people struggle to cope with massive economic dislocations. The stigma associated with bankruptcy may further evaporate as more people are forced into the process by extenuating circumstances.

If you are struggling with a debt load and find it becoming unmanageable, you might benefit from the services of a bankruptcy attorney. The attorney may help you understand how the bankruptcy laws can protect you and give you the fresh start in life that you so badly need. Consumer bankruptcy simply does not carry the same negative connotations that it did in the past as more people get hit with uncontrollable things such as job loss and medical debt.