Bankruptcy Process – Our Latest Discoveries

Feb 5th, 2014 | By | Category: Legal

If you are facing bankruptcy in the very near future, then you are apparently concerned about your immediate financial situation. ‘ What will happen to my house? My car? My job? ‘ Are three among the many questions that are doubtlessly running through your head.

All of these questions are perfectly valid ones to ask about the process, of course. However, once the bankruptcy process gets underway, more likely than not your attention will begin to shift gears to life after bankruptcy. ‘ How will I ever geta job? ‘ You wonder. Don’t worry. Getting a job after the bankruptcy process is not as daunting as it may seem to be. We’ve got some tips to help you make the transition smoothly.

Be completely upfront with your potential employer.Employers need to be in a position to trust their employees. Your financial record mightn’t look impressive on paper. This means that your trustworthiness is all the more valuable. In order to start gaining the interviewer/employer’s trust, let them know that you’re coming out of the bankruptcy process. They’re going to find out anyhow. Make sure they find out from you.

Bankruptcy Process: And so much more…

Carry plenty of recommendations. Again, the primary goal here is to develop trust. Nothing denotes ‘trustworthiness’ like a full stack of recommendation letters. In the past, two or three may have sufficed. Now, however, it’s a different story. Start asking colleagues and past employers to write 300-400 word recommendation letters about you now so that you will be willing to go on the job-hunt when the bankruptcy process comes to an end.

Your decision to file for personal bankruptcy will be a difficult one. Because of new laws, differences between Chapter 7 and 13 personal bankruptcy and other complex issues surrounding personal bankruptcy, facing the filing process alone can be intimidating. It is recommended you obtain the services of Tampa Bay bankruptcy lawyers. Preparing the documents needed to begin the personal bankruptcy process is fairly complicated and is best left to the experience of a lawyer familiar with bankruptcy.

Have more questions about how the bankruptcy process can affect your job search? Want to make the best use of your new post-bankruptcy career? The process to rebuilding should never be taken alone, start to speak to a bankruptcy attorney today to learn about things you can do to maximize your future as a professional.

I'm applying for bankruptcy…Can I open a savings account while declaring bankruptcy?? I don't know if this will affect the process. Thanks

  • Don't open one. I am in the process now. They will also take your income tax return and the stimulus rebate check, so be prepared. You must provide up to 6 months worth of bank statements, which they look for unusual spending. I can keep my checking account. Keep any cash off to the side. The questionaire you will have to fill out is going to be checked over by the trustee looking for cash and assets to take or liquidate. Be cautious of what you do and when you do it. Then can tell if your trying to hide selling anything. Not sure of your assets, but do the best you can do. Best of luck.

  • Not totally sure, but if you file bankruptcy, you are essentially saying you have no money to pay your debts…therefore, a savings account could not exist if you had no money to pay other people…logistically speaking. But who knows….not I.

  • As far as I am aware for the first three years after your bankruptcy order goes through you are not allowed to hold ANY bank account …….

  • I don't think that would be advisable because that would be considered liquid asset that you could pay some debt with, I think I would get a safe and hold on to the cash, ask you attorney.

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