A look at how bankruptcy may affect employment opportunities or your current job.
The fear of losing a job or hindering a career is a common concern for many that consider bankruptcy when dealing with debts.
An important consideration when contemplating bankruptcy and its consequences is how it will affect your career. For most jobs, it won’t make any difference, but there are exceptions, and they need to be considered.
In a select number of jobs, bankruptcy can lead to dismissal, demotion or other penalties. Also, some professional bodies do not allow undischarged bankrupts to remain as members.
If you work in the following industries, you should check how bankruptcy might affect you:-
Cash handling: e.g. banking, payroll or security
Financial services: e.g. accountant, mortgage broker, stock broker or financial advisor
Law: e.g. solicitor or legal executive
Medicine: e.g. GP or dentist
Property: e.g. estate agent, letting agent
Self-employment as a sole trader or partnership
Justice of the Peace
Local or national government, for example a councillor or MP
You can check your employment contract to see if it says you can’t go bankrupt. However, if it does say this, this does not mean that you will automatically lose your job. Seek professional advice if you think this may be an issue that could affect you.