Bankruptcy of Bankers and Financial Managers

Bankers and financial managers pose no significant problem other than that of how the bankruptcy stigma can impact their employment. There is really not much that can be done about the stigma, but it is generally not as bad as most people think. There is, for instance, a law against discrimination because of a bankruptcy discharge, but it is largely unenforceable. Quite often it is best to get it over with as soon as possible so the banker or financial manager can get back to work. Impossible debt and lawsuits will ultimately have a worse impact that a bankruptcy on a credit report.

I have found bankers and financial managers to be an honest, intelligent and competent group, who, through no fault of their own, simply got hit too hard.

The danger for bankers is equating bankruptcy with shame and sin. Not smart. Filing or not filing bankruptcy should be what it is, a financial decision, not an emotional one.