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BANKRUPTCY continued from page 33
Fourth, bankruptcy affords consumers job security. People frequently
ask, “can I lose my job if I file for bankruptcy and my employer finds
out?” Therefore, it is important that individuals understand that bankruptcy is a matter of public record, which means that there is very little
that one can do to maintain the privacy of his or her filing for bankruptcy protection. As for employment, the Bankruptcy Code addresses
employment security as Section 525 of the Bankruptcy Code which
provides that “no private employer may terminate the employment of,
or discriminate with respect to employment” against a debtor. The issue
is that most employers are not going to say that bankruptcy is the reason why an employee was terminated or not given a promotion, which
requires the exercise of reasonable discretion when seeking bankruptcy
protection while employed by financial institutions or other employers
who express a strong interest in the financial affairs of its employees for
the sake of its business relationship with the general public.
While there are many other reasons to file bankruptcy, the fact of the
matter is that there is always more good that arises from any bankruptcy than the short-term negatives. The advisability of bankruptcy
filing, and the best time to file, are contingent on the amount and type
of debt burdening an individual debtor. Debtors who select a particular Chapter of the Bankruptcy Code must be sure that they can satisfy
its requirements for filing under that particular Chapter. If you are considering filing of bankruptcy and are in substantial debt, take your most
recent paystub and list of creditors to an experienced bankruptcy attorney and be open minded. In short, it is important that we change our
way of thinking about solving any debt or credit crisis by exploring all
options, including but not limited to the filing of bankruptcy when seeking relief from debt to acquire a fresh new start.