Applying for Jobs with a Criminal Record: Know Your Rights
Debunking Common Myths About Filing For Chapter 7 Bankruptcy
Michelle Garrett
If you're in a difficult financial situation from which you don't anticipate recovering, then you might be considering the option to file for chapter 7 bankruptcy. By declaring chapter 7 bankruptcy, you may be able to have a great deal of your debt discharged, although you may lose some of your assets in the process. Before you decide whether or not chapter 7 is right for you, however, there are some myths you need to know the truth behind.
Myth 1: Your Credit Score Will Take a Huge Hit
A lot of people are hesitant to file for bankruptcy because they're worried it'll cause a huge hit to their credit scores. However, the truth is that if you're already in a difficult enough financial situation to consider filing for bankruptcy in the first place, your credit score is likely already suffering. While it's true that a bankruptcy will affect your credit score, continuing in the financial situation you're in now may be more harmful to your credit score in the long run.
Myth 2: You'll Never Be Able to Take Out a Loan Again
Keep in mind that a chapter 7 bankruptcy doesn't stay on your financial record forever. In fact, a chapter 7 filing will remain on your credit for 10 years; after that point, it can no longer be considered by a lender in determining whether or not you qualify for a loan. Not to mention, with responsible budgeting and spending after your bankruptcy, you can very well rebuild your credit to the point that you can get approved for loans, mortgages, and rental agreements.
Myth 3: It'll Take Care of All Your Outstanding Debts
While chapter 7 bankruptcy is designed to help discharge a number of outstanding debts, it's important to understand that there are certain types of debt that often cannot be discharged by chapter 7 bankruptcy. This includes student loan debt, so be sure to find out what's eligible to be handled through your filing for bankruptcy and what debt you might be left with after the fact.
Myth 4: Hiring a Bankruptcy Attorney is a Waste
Finally, if you're thinking about filing for chapter 7 bankruptcy, it's always in your best interest to hire an attorney. A bankruptcy attorney will work out an agreement with you that will make the services affordable, and an attorney is extremely valuable in helping you throughout the often complicated filing process.
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I'll be up front: I have a criminal record. As someone who's spent lots--and lots--of time looking for a job in my life, I've gotten used to being up front with this fact. It's difficult to get hired with this on my record, and frankly, it never gets less scary to have to tell an interviewer about it. But that doesn't mean I'm unemployable. I'm a hard worker who can bring a lot to any company. And I also know what an employer needs to do for me. I know my rights. There's no federal law protecting me from discrimination due to my record, but there are plenty of state laws that make it a little easier for me. If you're looking for a job and you have a criminal record, read through this information. Protect yourself during a job search. Know your rights.