What If I Work For One Of My Creditors and Want to go Bankrupt?

What If I Work for one of my creditors and want to go Bankrupt?

What if I Work For One Of My Creditors?

Speak with a Trustee about how working for a creditor will impact your bankruptcy or consumer proposal.

Working for one of your creditors can make going bankrupt or making a proposal tricky.

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If you work for a bank that you owe money to, for example, you could face professional repercussions such as not being qualified for certain positions at the bank.

Considering whether to file bankruptcy can be complicated enough as it is.

However, if you are worried about working for a creditor it can become more complicated.

You cannot be fired or have your employee contract terminated simply because you have filed for bankruptcy or made a consumer proposal.

However, there are other considerations if you work for a certain creditor.

Filing bankruptcy will disqualify you from certain positions and holding certain professional designations.

If you work for a creditor that requires you to have a professional designation, you should check with your professional association before filing.

Accountants for example, will not cancel your professional designation for filing bankruptcy unless there is fraud or some other culpability involved.

Bankruptcy & Job Requirements

Unfortunately, certain jobs require that you have certain responsibilities that are not compatible with being bankrupt. If this is the case, you should speak with a Licensed Insolvency Trustee about your options.

A consumer proposal allows you to keep professional designations that would otherwise be surrendered in a bankruptcy.

If you are concerned about your employment, you can speak with your employer before you file bankruptcy or make a consumer proposal.

Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation

Call 877-879-4770


Information on Consumer Proposals

Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?

Canadian Bankruptcies

How to File for Bankruptcy
What is Bankruptcy?
Bankruptcy FAQs
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?

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