Filing for bankruptcy can afford you a financial do-over that clears the decks for a smoother future, but many people consider it less than honorable. The fact is, however, that those who seek bankruptcy face their own serious consequences, such as taking a significant hit in terms of their credit scores. Ultimately, filers must balance the pros and cons of bankruptcy to determine if the process is a good fit for them. If you have concerns about bankruptcy and discrimination, a better understanding of the legalities of the filing process can help, and if you think bankruptcy may be the best option for you, consulting with an experienced South Carolina bankruptcy attorney is advised.
Your Job
The U.S. Bankruptcy Code bars employers from discriminating against employees who have filed for bankruptcy. While bankruptcy records are a matter of public record, employers generally don’t have any reason to pursue the information. Only if you happen to owe your employer money or choose to make your Chapter 13 payments through payroll deduction, which is not required, will your employer be likely to know that you’ve filed.
If you are looking for a job, federal employers are barred from discriminating against you in the job selection process in response to a bankruptcy filing. Private employers, however, are not held to the same standard, but there is little indication that this is a major issue in the work world.
Renting an Apartment or House
If you’re in the market to rent an apartment or house, you should know that your prospective landlord has the right to check your credit history, and most do. In other words, bankruptcy can directly affect your ability to rent. This said, however, bankruptcy supports improved financial stability, which generally makes those who’ve been through the bankruptcy process better rental candidates for the following primary reasons:
- Bankruptcy improves filers’ financial circumstances.
- A prospective renter with a recent bankruptcy and little debt is generally a better bet than a prospective renter with no bankruptcy but a lot of debt.
In the end, landlords are looking for renters who can afford to pay their rent on a regular basis. Under the right circumstances, bankruptcy can provide you with the help you need to escape crushing debt and get your finances back on track.
Reach Out to an Experienced South Carolina Bankruptcy Attorney Today
The dedicated South Carolina bankruptcy attorneys at Reed Law Firm have helped many clients like you regain financial stability through bankruptcy, and we welcome the opportunity to help you as well. Bankruptcy is a legally challenging process that too many people shy away from out of fear that it will diminish their reputation or their ability to continue living their lives to the fullest. We’re here to help remove bankruptcy’s tarnish, and we’re on your side. For more information about what we can do to help you, please don’t delay contacting us online or call us at 843-418-9004 today.
