Are there certain jobs that are affected by bankruptcy

strangel

I work for a big bank that is FSA regulated and I declared myself bankrupt 3 years ago and after speaking to my Official Receiver I was told that I could continue working for them and that I did not have to tell them that I was bankrupt. Also my house has to be sold and my ex husband had to move out of it.

iglimpse

It is not correct to say that you cannot work as a solicitor if you are bankrupt. This happened to a relative of mine and he worked as a solicitor (no finance actions). He had to get the permission of the Law Society and had an understanding employer.

His was not a personal bankruptcy. His business failed, he did not lose his home because his personal finances were OK and he paid half of the equity to the official reciever. Still, it was a traumatic time for his family.

The problem with bankruptcy is that there are few clear facts but many assumptions out there. Unfortunately when you are in that position, you cannot afford to pay for advice - CATCH 22.

Another friend who went bankrupt had a lot of help from a bankrupt support group, not sure if they still exsist.

Generali

When I started in banking, you weren't even allowed an overdraft, let alone be a bankrupt. You could borrow money to buy a house or a horseless carriage(!) but anything else was either viewed with suspicion or banned altogether.

erikthered

I currently have a "lease/purchase" car through my job. Bakruptcy would mean losing this, so the job would go too. (Account Manager)

alidadas

I just wanted to clarify that you can go bankrupt if you are in the forces - but it is frowned upon and would probably have an affect on your career.

I went br in December - my H is in the forces and I was concerned how it would affect him (if it would). My BR hasn't affected him at all.

If he was to go BR (which he isn't, his debts are small and very manageable) they would frown upon it as they believe it shows lack of responsibility. Also, as a member of the Force you are meant to have at least 1 months wage in savings should he need to travel somewhere in an emergency - although the money would be reimbursed to him, its often quicker just to pay than have to deal with paperwork.

I dont know whether being a bankrupt would mean that you couldn't enlist if you hadn't already joined!

greytdog_2

with reference to the police - it used to be that you couldn't go bankrupt as it was considered an illegal debt. However, now if you are already in the job and have to go bankrupt is some forces as long as you contact the professional standards/discipline department to let them know in advance and are doing it via a proper financial advisor then you can still remain an officer. However if the debt is caused by means such as gambling or drug taking or other similar activities I don't think this applies and yes you would be subject to full discipline charges and probably loose your job. The best bet if you are in this situation is to contact the local Fed Rep and see how your particular force views things. The reason behind not wanting officers to be in debt is that if you are desperate then you are more likely to be able to be bribed and thus pervert the course of justice. In reality if its a severe a problem as bankrupcy then you need need a very wealthy villan in a very desperate situation to be able to offer you enough to make it worth loosing your pension!

If you want to join the police then you need to be applying 6 years after being declared a discarged bankrupt. Again this may only apply to certain forces.

bev77

My husband works as a Data Programmer/Co-ordinator, and in his contract it says that if he were to go bankrupt it would be an automatic dismissal.

So it's not just jobs where people are seen as 'high risk of taking back handers' etc, or jobs that deal with money/finance/insurance.

But I'm not completely sure why his job would be unsafe if he was to declare bankrupt.

pod1981

sgx.saint wrote: »

You are not allowed to be bankrupt as a Police Officer. You would face disciplinary action and almost certain 'sacking'.

You can however go down the IVA route as a Police Officer.

I am a close freind of a Police officer who got into debt trouble (Due to a female) he entered an IVA and is now very comfortably paying his debt off without many worrys. Certainly avoid bankruptcy if possible.

Haines Watts is a good company to do business with re: the IVA.

gettingitsorted

i would suggest people who wish to be considered for an IVA contact payplan who are a debt charity https://www.payplan.com

please think before using other companies that make money out of you

in_a_mess_5

You are not allowed to be bankrupt as a Police Officer. You would face disciplinary action and almost certain 'sacking'.

Absolute rubbish !!!!
Each force has its own policies as set out by ACPO, most forces accept that we are all human and make mistakes as long as the officer has lawful debts and didnt do anything that may suggest their integrity being questioned thay have nothing to fear.
You should only make strong comments like these if you have the personal knowledge to do so. I HAVE !