What Happens To My Job If I Go Bankrupt In OntarioPosted on: July 7, 2017
In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about if your job is affected by a bankruptcy.
Generally speaking, a person’s employment is not affected by a bankruptcy and not affected negatively by a bankruptcy. In fact, in may be affected positively by a bankruptcy. This is because you might be able to focus a lot more on your job if you don’t have to worry about your debts. However, in terms of any legal effects of a bankruptcy or proposal, there are some professions where it is effected, chartered accountants, for instance, lawyers, people who operate trust accounts like real estate brokers, things like that. There would be some negative affect of going bankrupt for people in those positions. But, for the vast majority of us, nope, the main effect is often positive. So, to answer the question, don’t be afraid of your job being affected negatively by either a bankruptcy or consumer proposal.
If you have debt problems and are concerned about how it may affect your job, I encourage you to call our office and talk to a trustee.