Question by knight35966: How does bankrupsy effect finding a job after college? I was notified yesterday that my plant is closing down. My wife was told 2 weeks ago that her plant was closing down to move overseas for cheaper labor. There are no other jobs within an hour and 1/2 of our home that pays over $ 10 an hour. I am wanting to go to college to get a degree so I can get a good job.The problem is the only jobs in our area are minimum wage jobs and it takes both of us making over $ 10 an hour full time to make ends meet. We have already got rid of everything we didn't need bill wise. We had our phone service cut off, our internet off, and our satalite tv turned off. We have around $ 5000 in miscleaneous debt that we have been trying to pay off ( car payment, credit cards, and bank loans) We have a mobile home which is several years old and can't sale it for what we owe. Anyone got any suggestions on paying these off instead of bankrupsy? Having this mobile home we cannot relocate to find decent paying jobs. Should we consider bankrupsy? Hows it work? Best answer for How does bankrupsy effect finding a job after college?:
Answer by Da_Bears70
The reason it can hurt you is that alot of employers nowadays are pulling a credit report. if you have questionable credit, they think you'll be a questionable employee
Answer by no meat please
If $ 5000 is the only debt you have I would suggest working with the creditors to set up a payment plan and reduce the debt. You don't want a bankruptcy on your credit for $ 5000 worth of debt. Take your time and pay it off!! It'll be hard work, but it'll be worth it. If you plan to get a job in the finance/accounting field, they may check your credit when applying for a job, but not all employers do this. It depends upon the field you are applying for.
Answer by the truth as I see it, so it is
They may look at your bankruptcy has poor skills and responsibility on your part and not hire you. The thing is you may never know it. They won't even give you a chance to explain yourself. They may do the same thing if you have below average credit. So if you borrowed the money and ran up the credit cards you may want to think twice before you file. Call your creditors and work something out with them. You are not in that bad of shape. Many people in your same spot owe 10 times as much on credit cards. As far as the mobile home goes, you may have to bite the bullet and stay in it. Though you never know contact the company that has it financed and see if they will take it back from you.
Answer by Kaska
If I had it to do over I would still file. Some jobs will do a credit check just depends on the type of job you are looking for. Your credit is worthless until it rolls off. I was able to buy a car and a house that's about it. Look in your yellow pages and consult a bankruptcy attorney. Keep in mind the laws have now changed so it is best to see a lawyer then decide. Their first consult should be free. The cost is reasonable also as I paid $ 800.00 about 5 years ago.
Answer by m_harvery
If you file bankruptcy, it should not affect your ability to find work provided you are not working in an finance, accounting, or any job where you would be directly handling money. You did the right thing by getting rid of unneccessary expenses. If this is your first time filing, do a chapter 7 known as a fresh start but consult with an attorney that handles bankruptcies first so they can educate you on all the options. Make note that laws have been filed making it more difficult for people to write off certain debts. You can still file but the laws are now in favor of the creditors (too many people in the past took advantage of filing to get out of paying bills and creditors went to congress to have the bankruptcy laws changed). Now like I said before, don't worry about your employer b/c it looks like the only things so far (that you have mentioned) to be on your credit report would be car payment, credit cards, and bank loans no more than 5K. If you have student loans you can not file those in a bankruptcy. When you file you can also enclose a statement in your file which will show on your credit report that you filed do to personal hardship of losing job. Totally understandable in today's economy. As long as you had a consistent job history, good references, no warrants, felonies (you can still get a job with a felony though), and did not have a history of being fired or asked to leave (layoff does not count so you are still fine) you CAN and WILL get another job. To get out of your current situation, continue to look for higher paying jobs. Be mindful that a min wage job is definately better than no job at all. Besides, it may lead to something better. Here's a letter you can use for your creditors. Try it first before filing since filing lowers your beacon score. You will still be able to get loans, house, cars, etc after you file (wait 2 yrs before applying for more credit and definately after your financial situation has improved. Leave the credit cards alone) however, it will take a little longer and you will have higher rates. Send this to all your creditors, do a budget of how much you can afford to pay and budget your other expenses so that you can stay on track. Just make sure you don't fall behind on the proposed plan. Dear Any Creditor, Please do not contact myself or my family members by telephone. All contact must be made in writing to the following address (put in your address). At the present time, I have fallen behind in my bills due to (fill in reason here). At the present time, I am not able to pay (fill in amount) in full. I will be making montlhy payments in the amount of (fill in amount) continuously until my debt is paid or until I am able to increase this amount. Payment will be sent to the address as requested by (fill in creditor and address) on the 15th of every month ( you can adjust date make sure you type it in bold). Thank you very much for your understanding and patience. Sincerely, your name Good Luck and God Bless!
Answer by matsitsonafish
Visit the www.freshstartamerica.com for more information.Please do not file bankruptcy for just 5000 in deb,it is not worth.In steal go back to college for 4+ more years.Why dint you try the trade school like Motorcycle mechanic,or your wife can go for cosmetology,nail tech...it only take about year.When you apply to work,if they look in your credit and it said Chapter 7 it really bad.. good luck
Answer by coreys1247
These days many employers pull your credit before hiring you, especially high security jobs (banks, financial institutions, government, etc...) If you recently filed bankruptcy, you will have a BIG strike against you! I found this article to be extremely helpful whether you are considering BK or have already filed...... http://www.expert-credit-advice.com/bankruptcy_facts.htm
Answer by angela R
I am really sorry about your situation Knight, my heart goes out to you, been there and done that.....DON'T file for bankruptcy! What me and my husband did, and we had much more debt, is go to Consumer Credit Counseling (non profit at the YWCA) and consolidated all of our debts....They will negotiate a lower interest rate for you and your one payment will be much lower and easier to pay!....For now, you will have to hang tight, got that debt paid off and take that lower paying job, to make ends meet....It took us 3 years to pay off a 25k dollar detb with working hard and living with in our means....Stay in the trailor until you have your finances paid off and perhaps you can sell it at that point......It can be done, because we did it...It just takes time and patience....Hang in there and this will pass....You are young and have many more years to make up for this...Best of luck, your in my prayers!
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