Bankruptcy is one of life’s more distressing and emotional events. Once it’s over, you will likely want to put it all behind you and never really think about it again. Unfortunately, at least for a while, you are going to have to sometimes disclose your bankruptcy. You certainly don’t have to tell everyone you meet that you filed for bankruptcy, but you are required by law to disclose the information in certain situations.
First, your bankruptcy will stay on your credit report for up to 10 years, depending on which type of bankruptcy you filed. So anyone who has access to your credit report will know about your bankruptcy filing. After these ten years have passed the bankruptcy should no longer appear. Efforts using credit restoration can impact this however. Sometimes a bankruptcy can be removed by a professional prior to the 10 years being completed.
If you’re in the military or planning to enter the military, it’s mandatory that you disclose any current or past bankruptcy proceedings, even if the ten years have come and gone.
It’s possible that you may need to inform a current employer while you are filing for bankruptcy. This is because the court-appointed bankruptcy trustee will need pay stubs and if you can’t provide them, the trustee will contact your place of employment.
You should know, however, it’s illegal for an employer to fire you just because you’ve filed for bankruptcy—unless you work in a financially sensitive area. Your bankruptcy attorney can answer any questions you may have. Also, if you are applying for a job and the application asks you directly if you have ever filed for bankruptcy, you must answer honestly. However, you cannot be turned down for a job solely for the reason that you have filed for bankruptcy.
One way to avoid all of this is to make sure that you have exhausted all of your debt relief options including debt negotiation and mortgage modification. A debt relief law firm like Harold Shepley & Associates can answer any questions you may have about debt relief and bankruptcy. Contact us today at 1-866-284-7062 or visit us at www.shepleylaw.com to find out more information on your debt relief options
Tagged bankruptcy lawyer, Credit Report, debt, filing for bankruptcy, law, Pennsylvania, proceedings