How Will Bankruptcy Affect My Job?

If you're struggling with debts contact Debt Free Direct on 0800 298 8836.

As well as having to fund repayments and face certain restrictions, if you enter into bankruptcy, you could end up losing your job.

There are a number of professions where employers could investigate dismissal on the grounds of 'statutory restriction', as bankrupts are not allowed to work in those areas.

These include the financial services and legal sectors, as well as most people who hold a directorate at a company.

Although other sectors can't sack you simply for entering into bankruptcy, if the stress and strain of the proceedings begin to reflect in a downtown in performance at work, the employer could be within their rights to remove you from your position.

Bankruptcy could also affect you in the future when looking for a new job, particularly if you want to get back into a position in the financial sector. Other bosses may also look unfavourably on a job application from a bankrupt.

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