Thursday, June 30, 2011

Can You Keep Your Job as a Loan Officer in Illinois if You File Bankruptcy?

There are things that can happen in people's lives over which they have no control. Things like job loss, divorce, illness or lawsuit can have serious financial and economical impact for individuals as well as their immediate and extended families. In such a case, bankruptcy often appears to be the only recourse. Filing bankruptcy can help to heal immediate financial wounds, but it does have other repercussions. When you're considering bankruptcy as a solution to your issues, look upon what filing for the financial relief means in its entirety.
  1. Background Checks

    • The Fair Credit Report Act(FCRA) governs how background checks are conducted and it gives employers the right to conduct background checks on its employees. Some jobs are mandated by state and federal government regulations to require background checks for applicants. Such jobs can include, but not limited to, jobs that deal with the elderly, the disabled or children.

    Loan Officers

    • The Bureau of Labor Statistic explains that Loan officers are responsible for sourcing potential clients and assisting them to apply for loans. Loan officers are responsible for gathering pertinent information from customers to determine the likelihood of a customer's repayment. Officers also analyzes and verifies the information on an application to determine the client's creditworthiness.

    Money Handling

    • When a job involves finance, accounting, cash or valuable merchandise, and when a position requires a security clearance, a background check is a routine part of the hiring process. Hiring firms conduct comprehensive background checks on people who are in one of the above job fields. Employees who handle money or make credit-worthiness decisions on people are expected to be more fiscally responsible. While a background check and credit report do not totally define a person, they give a plausible outlook of a person's lifestyle.

    Considerations and Implications

    • Under Section 525 of the US Bankruptcy Code, a person should not be discriminated against on the job simply because she has filed bankruptcy. Therefore, if a Loan Officer in Illinois is eligible to file bankruptcy, then he surely can. However; though an employer cannot fire someone simply for filing bankruptcy, it can make an employee's work life difficult, by such means as denying promotions or limiting the employee's access to information. If someone with a bad credit history is trying to become a loan officer, oftentimes she will not be selected from the very beginning.

Read more: Can You Keep Your Job as a Loan Officer in Illinois if You File Bankruptcy? |

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