Free Consultation

What if I work for one of my creditors?

What if I work for one of my creditors? I work for a bank, to which I owe money. What are the repercussions for me professionally if I file for bankruptcy or file a consumer proposal?

One Response to “What if I work for one of my creditors?”

Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said...

While it can be argued that an employment contract cannot be terminated for merely filing an assignment in bankruptcy or a consumer proposal, but there are practical considerations. Certain jobs require criteria that may not be compatible with a bankruptcy, (i.e. dealing with bonds, trust funds and corporate responsibilities.) The reality is an employer can terminate employment with “just cause” or merely with the appropriate notice. If your employment is of concern to you, you may wish to discuss this with your employer before filing an Assignment in bankruptcy.