Debt Negotiation Advice - Can your employer terminate you if you file for bankruptcy or possibly debt settlement? Negative to organ?

Can your employer terminate you if you file for bankruptcy or possibly debt settlement? Negative to organ?

Am considering debt settlement but afraid that the banking instituion I work for will view it negatively if known with the bad effect it will have on my credit for the next 2-3 years until complete. Can they terminate you for that? Live in Florida, not sure about differences in state, I know Florida can be unique.

Public Comments

I think if you already work for them it probably won't matter, what would reflect negatively is if creditors start calling your work. We had to do something like that years ago, and my employer was never even notified.
Unless you are in a union, or a government employee, they can fire you for ANYTHING that isn't protected under discrimination laws....even wearing a tie the boss doesn't like. The big question is how they'd find out.....
Honestly I'm not sure. I know some company's wont hire you if you have bad credit, but I don't think they can do much once you are there. The credit check is usually done at the beginning of employment. I'm not so sure that they would check it again. Since you work at a banking institution, you could talk to them about a loan to pay off your debt. They know where you work, what your ethic is like and may be willing to give you a loan consolidation so you only have one bill to pay. There is nothing bad about that and it doesn't hurt your credit. In fact, it actually will help because not only will the debts be paid off, but you will also be paying off a loan which is good for building credit.
Yes. Any institution can terminate you with or without cause, the only difference is the termination settlement. Without knowing your Bank, most of them will have a good character clause and in today's environment are subject to reputational risk. Now would they terminate an otherwise good employee for being an undischarged bankrupt? Probably not, but I have seen far stranger things happen in industrial relations. Also I am coming from a Canadian perspective where our Schedule I banks are not subject to the same laws that Sched II or other financial institutions are. Try to avoid the bankruptcy and settle the debts. Good luck!
They can't do that, its against the law ---------------------------------------------- http://www.bestcreditrates.net
nope, but if you go for a new job it may make it more difficult for you to get it. especially if you work with finances.
What position do you have at the bank. The bank I work at will remove employees from 'high risk' positions (such as cash vault) for low credit scores. The last time I heard of it happening, the person was transferred to a 'low risk' position (mail-room). I believe they may be required by law to remove 'high risk' individuals from certain 'high risk' positions. I am certain the law prohibits banks from hiring anyone with a felony record. I'm in Ohio, but most rules for banks are Federal.
The following articles should help: Debt Consolidation - Get Out Of Debt http://www.askaquery.com/Answers/qn1643.html How to Hire a Debt Counselor? http://www.askaquery.com/Answers/qn1584.html What is Debt Relief? http://www.askaquery.com/Answers/qn1583.html Debt Management and Building Wealth http://www.askaquery.com/Answers/qn1581
No, but I've heard them check credit for new hires and denying employment for it.
That is a question I would take up with a bankruptcy attorney.
I hope this info helps. If the contract that you signed with your FL employer states that they can terminate you without reason they just may(sneaky) However,the law provides express prohibitions against discriminatory treatment of debtors by both governmental units and private employers. A governmental unit or private employer MAY NOT discriminate against a person solely because the person was a debtor, was insolvent before or during the case, or has not paid a debt that was discharged in the case. The law PROHIBITS the following forms of governmental discrimination: terminating an employee; discriminating with respect to hiring; or denying, revoking, suspending, or declining to renew a license, franchise, or similar privilege. A private employer MAY NOT discriminate with respect to employment if the discrimination is based solely upon the bankruptcy filing. And even though your credit is not supposed to affect you whether or not you can get a job..you know the rest.