The ongoing COVID-19 pandemic has wreaked havoc on the economy, and many self-employed Americans are struggling to deal with mounting debts and operating costs. Declaring bankruptcy is never an easy choice, but it can be the best way for many self-employed people to dig their way out of a deep financial hole.
If you are self-employed and considering declaring bankruptcy, you may be able to file Chapter 13 bankruptcy. This type of bankruptcy has numerous advantages over Chapter 7 and other types of bankruptcy and can be particularly useful for freelancers, sole proprietors, and other individuals who work for themselves.
Choosing to declare bankruptcy is a difficult decision to make. Anyone who has watched their financial situation deteriorate can relate to the feeling of desperation that fuels many bankruptcy filings. Filing for chapter 7 bankruptcy opens up a new world of possibilities and provides the fresh start so many need. While many filers understand how a filing can affect their credit score and report, bankruptcy might also affect your job. Read on to find out about what employers can do to bankruptcy filers.