What are some of the legal issues in declaring bankruptcy?

  1. mxmovies profile image61
    mxmoviesposted 2 years ago

    What are some of the legal issues in declaring bankruptcy?

    If I declare that I am bankrupt, how will this affect me in the future for getting jobs? building a company? etc. Also curious as to the different types of bankruptcy. Thanks!

  2. junkseller profile image83
    junksellerposted 2 years ago

    Bankruptcy will stay on your record for 7-10 years (depending on type), so employers will be able to see that if they do a credit check on you. Theoretically, public employers aren't supposed to factor that into their decision, but unless they specifically say that is the reason for not hiring you (which they won't) it is pretty difficult to prove (even if you would want to).

    Whether or not a company would hold that against you is hard to say. Some companies will probably be more likely to (e.g. financial companies or positions where you would be handling money). If you have a good explanation for the bankruptcy and are forthright about it, I think that would work in your favor.

    Building a company might be tough. Bankruptcy, generally, is not going to leave your credit score looking very pretty, so any endeavor involving credit will be more difficult (but probably not impossible).

    Rather then try to explain it, here is a link describing the different types of bankruptcies: http://www.ms-bankruptcy.com/bankruptcy … ifferences

    I went through a bankruptcy about a year ago. I was dreading it, but my lawyer made it super easy and very thoroughly explained everything to me. I think a lot of bankruptcy lawyers will do a free consultation to see if you are a good candidate and explain to you the process and implications. I would strongly encourage you to go see one of these individuals. It is much less painless then it seems.

    One thing to keep in mind is that it takes a certain amount of time for the bankruptcy to be complete (or at least it did for me). I first talked to the lawyer early December and the discharge came through in late May. It probably could have gone a little faster but not much.

    Good luck.

  3. tamarawilhite profile image92
    tamarawilhiteposted 2 years ago

    1. You can't eliminate tax debt, federally backed student loans or child support through bankruptcy.
    2. You won't be able to get a security clearance for 7 years.
    3. It will limit your ability to get any job handling cash or anyone's personally identifiable information (any opportunity for identity theft).
    4. You can save up money and start your own business, but you won't be able to get a business loan short of a loan shark for years.


This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

Show Details
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)