A major change in your financial position is one of the top 20 life events that can lead to overwhelming stress, so it would be no wonder if you are ready to put your bankruptcy behind you. Or if you think you might have to file bankruptcy you likely spend time worrying what life be like after the bankruptcy. One question you may have is when do you need to disclose your bankruptcy and when can you stop disclosing it?
Your bankruptcy will stay on your credit report for up to 10 years, depending on the type of bankruptcy so your credit report will do plenty of disclosing for you. Down the road, you will want to make sure after the ten year period is up that the bankruptcy is removed from your credit report. To check the accuracy of your credit report you can request a free copy once each year at www.freeannualcreditreport.com; there are directions on the website about how to handle items that you may need to dispute such as a bankruptcy that is over ten years old still showing up.
If you are in in the US military or planning to enter the military you must disclose any bankruptcy regardless of how long ago it took place and whether or not it is still on your credit report.
You may also need to disclose a bankruptcy that you are in the process of filing with your current employer. The court appointed trustee will need recent pay stubs and if you don't or can't provide them the trustee will likely contact your employer directly and/or the courts may order a garnishment of your wages as part of the bankruptcy plan. In either case your employer will find out about the bankruptcy. Hopefully you are being advised by an experienced bankruptcy attorney who can answer specific questions about when you should tell your employer.
Rest assured it is illegal for your employer to terminate you just because you have filed for bankruptcy unless you work in a sensitive area in financial services such as securities or as a broker. Again, another conversation you should have with your attorney.
What about future employers? If you go on a job interview, do you have to tell them? If the job application you are completing directly asks if you have ever filed for bankruptcy and you have, then absolutely the only honest answer is yes.
