You have likely been told that filing for bankruptcy in Tennesse may keep you from getting a job in the future, or even may lead to you losing the job that you have. However, new research indicated that this long-held belief may not hold true anymore as the way that people think of bankruptcy may have changed.
In the Great Recession of 2008, millions of people were forced to file for bankruptcy when situations beyond their control affected their finances to the point where they could no longer pay their bills. While bankruptcy is not the best alternative, there is a growing recognition that it is often not the debtor’s fault as things such as medical debt pile on and cause financial distress. The statistics are beginning to show that employers may be coming around to this viewpoint as well.
Apparently, the researchers themselves were also surprised by what they were learning as they viewed the data. They had reviewed many previous studies that echoed what society believes. Whether this study is the start of a new trend or an outlier remains to be seen. What is certain is that millions more Americans may be forced into bankruptcy as the dramatic effects of the COVID-19 crisis are felt by households across the country. The hope is that people who experience bankruptcy will get a fresh start when it comes to more than just their debts.
Those who are experiencing financial distress and want to know if there is a way for them to get control of their financial situation should consult with a bankruptcy lawyer to learn more about the process. Bankruptcy can result in a discharge of debt and give the debtor the ability to start anew. There are ramifications to filing for bankruptcy that an attorney may explain during the initial consultation.