Bankruptcy advice re. accounts jobs

Legacy_user

Hi

Can anyone help?

I've been considering BR for ages as have credit card debts >£15k that I'm currently making token payments to each month.

I'm currently unemployed and trying to get back into work but the problem is my profession is accounts. I've got previous accountancy practice experience but am looking for accounts positions in local government and industry.

At the moment I've no disposal income for an IVA and even back in work would struggle to find the monthly surplus needed.

So bankruptcy is the ideal scenario (am fully aware of all the other impacts it will have) but am worried as to how it will affect future career prospects.

Anyone been in the same boat?

Regards
Dave

NekoZombie

I'd take professional advice on this, but the Enterprise Act 2002 states:

A bankrupt cannot practice as a Charted Accountant or Solicitor.

Red1708

Hiya, are you already qualified? You will not be able to work as a qualified accountant and must inform any professional body if you are declared BR.

If you are working in an accounts role but are not qualified eg accounts clerk, accounts administrator etc then technically you are still able to do so but this would depend on your employer. I work as an accounts administrator and I've been ok to carry on working. I have however lost my AAT qualifications and am now unable to complete my prefessional qualifications (ACCA).

For me it was a case of BR being the only way in which I could face the future so I took that step however as I am now unable to further my career any further I have decided to get out of accounts and look at other opportunities.

I would suggest you think long and hard about it as if you do become BR then you career in accounts won't go very far. You really need to ask yourself if you are happy to sit and push paper for the rest of your working life 'cos by being BR it's unlikely that you will ever be able to climb the ladder & you will certainly never be able to qualify

System

Red1708 wrote: »

Hiya, are you already qualified? You will not be able to work as a qualified accountant and must inform any professional body if you are declared BR.

If you are working in an accounts role but are not qualified eg accounts clerk, accounts administrator etc then technically you are still able to do so but this would depend on your employer. I work as an accounts administrator and I've been ok to carry on working. I have however lost my AAT qualifications and am now unable to complete my prefessional qualifications (ACCA).

For me it was a case of BR being the only way in which I could face the future so I took that step however as I am now unable to further my career any further I have decided to get out of accounts and look at other opportunities.

I would suggest you think long and hard about it as if you do become BR then you career in accounts won't go very far. You really need to ask yourself if you are happy to sit and push paper for the rest of your working life 'cos by being BR it's unlikely that you will ever be able to climb the ladder & you will certainly never be able to qualify

Thanks Red. I'd passed all the AAT exams and the original idea (when working in Practice) was to follow the ACCA route. I'd got fairly bored with auditing so wanted to use my practice experience as a springboard into industry.

No offence to anyone here, but the thought of doing say Sales ledger/Purchase ledger for the rest of my life would drive me to distraction, so I think if I was unable to climb the ladder, I'd also have to think of what else to do. That only leads to more uncertainty though!

My Catch 22 is that I've got skills in a profession that I can go back to but still be saddled with debt for something like the next 5-10 years or go BR but not be able to progress in the field I'm trained in!

NekoZombie

Red1708 wrote: »

Hiya, are you already qualified? You will not be able to work as a qualified accountant and must inform any professional body if you are declared BR.

If you are working in an accounts role but are not qualified eg accounts clerk, accounts administrator etc then technically you are still able to do so but this would depend on your employer. I work as an accounts administrator and I've been ok to carry on working. I have however lost my AAT qualifications and am now unable to complete my prefessional qualifications (ACCA).

For me it was a case of BR being the only way in which I could face the future so I took that step however as I am now unable to further my career any further I have decided to get out of accounts and look at other opportunities.

I would suggest you think long and hard about it as if you do become BR then you career in accounts won't go very far. You really need to ask yourself if you are happy to sit and push paper for the rest of your working life 'cos by being BR it's unlikely that you will ever be able to climb the ladder & you will certainly never be able to qualify

Just out of interest, does bankruptcy mean you could *never* do your ACCA qualifications?