A Florida bankruptcy filing may not be as bad for employment prospects as originally thought. New research shows that bankruptcy in one’s credit history may not materially impact their chances of being able to find a job or even keeping the one that they already have. This is a different result than other studies that have been done over the years and could reflect a new way of thinking.
The researchers admitted that they were surprised when they started to realize that the statistics showed that bankruptcy was not necessarily a disqualifying event. Perhaps this is because of a growing number of Americans who have no choice but to seek the protection of the bankruptcy laws due to debt that is simply no longer manageable. In the 2008 recession, millions of people were impacted by events beyond their control and suffered dire financial consequences. Now, as the COVID-19 crisis is in full force, millions more face imminent financial hardship.
The fact is that more Americans end up in debt due to unpredictable issues such as medical bills and struggle to keep up with what they owe. Employers may now be beginning to realize that bankruptcy may not be a sign of unreliability and not enough to keep someone from being able to work as a trusted employee.
Those who are struggling with debt that has gotten beyond their control for whatever reason could consult with a bankruptcy lawyer. The attorney may advise them how bankruptcy law might help them get a fresh start in life. A bankruptcy filing can be complex and must be done properly in order to help the debtor. Thus, the services of a bankruptcy lawyer may be invaluable in helping someone get control of their life and get out from under their debt.