Dear Mary: Please give me some pointers on bouncing back from bankruptcy. Will this have any effect on future employment opportunities?—Henry, email
Dear Henry: Live on cash. Have only one credit card, and if you use it, pay it in full every month. Refuse all other offers of credit, and take on no unsecured debt. Pay all of your bills early; never be late. Let nothing prevent you from saving 10 percent of your income.
Many employers require credit reports from prospective employees—it’s the new character reference. Your bankruptcy will appear on your credit report for 10 years; there’s no way around that. This may adversely affect your job opportunities. But don’t despair. In time, your credit report will reflect a radical change of behavior, and that will speak volumes to anyone looking at it, even a prospective employer….