When Your Bankruptcy Filing Can Impact Employment

financial industry employees reviewing documents
When it comes to filing for bankruptcy, many worry about the lasting impact the filing will have on their future. While we know that the financial freedom you’ll have after is worth the short-term complications, you rightfully have concerns. Many aspects of life are not impacted by bankruptcy, however, certain forms of employment can be. The Jones Law Firm explains the types of careers that can be impacted by a bankruptcy filing.

Financial Roles

While this may seem discriminatory at face value, it is not uncommon that jobs that have quick access to money, like banking, accounting, payroll, etc., do not take employees unless they have good credit scores. In many cases, this is because employers want to know that the people hired to handle finances and other valuables will not be in a financial hardship that leaves them tempted to steal. While the U.S. Equal Employment Opportunity Commission (EEOC) does not permit employers to fire you or not hire you because of a bankruptcy, they can make those decisions because of bad credit. Remember, an employer needs your permission to run credit checks--being upfront about your bankruptcy filing will leave you in better standing with your employer or potential employer.

Law Enforcement

Much like financial positions have easy access to money, oftentimes law enforcement officials have access to sensitive materials, drugs, or guns that can be sold. Because of this, those who have previous bankruptcy filings on their record have a hard time getting or keeping their job in law enforcement. While you likely can’t be fired for declaring bankruptcy, they can stack up employment issues against you until they have a reason to demote you or let you go.

Positions Requiring Security Clearances

If you are seeking a position within the government, military, FBI, or CIA, you will almost definitely face a credit check. This often will prohibit your ability to seek these jobs as you can be seen as a risk for blackmail. While you cannot be terminated if you already have a position with a security clearance, you may face demotion or fewer job responsibilities. While these are concerns anyone would have, it’s important to weigh the pros and cons of your potential employment options versus your long-term financial freedom. Bankruptcy can be difficult, but it is often worth it. If you have concerns, The Jones Law Firm can help.

Employment and Bankruptcy, What You Need To Know

If you have concerns about your employment or future employment potential because of a bankruptcy filing, you need to contact a trusted bankruptcy attorney. Don’t delay, and contact The Jones Law Firm for a free consultation. With offices in Reynoldsburg, Ohio, The Jones Law Firm works with clients in and around Columbus and throughout central Ohio. Don’t delay. Your financial future begins now.
Categories: General Bankruptcy