A recent article on Dailyfinance.com looks at whether the threat of harassing creditors could cause problems at work for a person struggling with debt.
Woodland Hills bankruptcy lawyers have talked with many clients who are under so much stress because creditors call them at home‚ on their cell phones and at work. They contact co-workers and can be very disruptive to a person’s life.
The article looks at whether personal finance problems could seep into a consumer’s work life and cause problems there. Woodland Hills bankruptcy‚ however‚ could be able to solve some of those problems. When a person files for bankruptcy‚ they are able to get instant protection from creditors‚ thus helping to cut down on the harassment coming from creditors and lenders.
For a person trying to keep those things private‚ bankruptcy may be a way to do that. No one wants their personal matters‚ including debt issues‚ getting in the way and causing embarrassment.
According to the article‚ a recent study of human resources department officials shows that 83 percent think that personal finances problems have at least some impact on a worker’s performance on the job. About four out of five believe that employees are facing tougher economic issues than they were five years ago.
Human resource managers tend to worry that if a person is having trouble with financial issues of their own‚ they may be unable to properly use the time and money of the company. While having personal money issues isn’t an offense worthy of termination in most cases‚ if the employee’s work performance is dropping off as a result‚ it could land the person in trouble.
The article goes on to suggest that if the bosses know the worker is having money troubles‚ they may be less likely to provide advancement opportunities‚ promotions and it could bring more scrutiny. Also‚ if the worker is bragging about spending money — at a higher rate than they get paid — it could also invite trouble.
But if a worker is struggling with debt problems and can show they are taking steps to correct it‚ these things can have a positive effect for the employee. If an employer knows there are problems at home‚ but see steps are being taken to improve the situation‚ this can show that the worker is able to adapt and make improvements.
Bankruptcy may be a helpful tool to improving your standing at work and still getting the debt relief help that is needed. When the creditor calls stop at the office and the worker is able to get some breathing room‚ it can help all the way around. If you see your debt getting in the way of your career‚ call for a free consultation.
Cal West Law will provide a free consultation to help guide you in making a decision that works for you. In Encino‚ Glendale‚ and Woodland Hills‚ just call (800) 568-0707.
Additional Resources:
Could Your Shaky Personal Finances Get You Fired?‚ by Chuck Saletta‚ The Motley Fool