How will my job be affected by bankruptcy?
One of the questions I often get asked by those seeking debt help is what will happen to my job if I was to go bankrupt. There is no simple answer to this question, as each person will have different circumstances which will determine how their position is to be treated.
A broad brush approach to the answer would be to say that for the very great majority of people, going bankrupt will have no affect on their work position.
In some cases such as those who work in banks and some other financial institutions, there may be a problem if you go bankrupt and indeed it may be in your contract that you can be dismissed for taking this step. Here you may be better to explore the IVA solution instead. There have been some issues in the past for security reasons for police and the military, where staff have gone bankrupt and again, it would be best to check with your personnel officer before committing yourself to this solution.
It has also been reported to me that some companies are now undertaking credit checks on staff as part of the recruitment process. This can hinder your chances of getting a job. I had a lady recently whose business was acquired by another, but she retained her old contract of employment which was silent on bankruptcy. This meant she could go bankrupt without consequences. New starters had contracts which enabled the business to make credit checks and dismiss on a bankruptcy result.
If you do go bankrupt you may find that your tax gets an NT code, meaning you pay nil tax at source. Many pay roll departments will not question this as there are a variety of reasons for an NT code. It is something to bear in mind if you are really concerned about your boss finding out you are bankrupt.
If you are at all concerned about how your job will be affected by bankruptcy please take expert advice.
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