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.
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.
What If I Work For One Of My Creditors? 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.