What happens to my job if I go bankrupt?
The simple answer is – nothing. Bankruptcy and proposals should not affect your employment. In fact, you cannot be fired simply because you filed an assignment in bankruptcy or a proposal. If you are bonded, there may be restrictions from the bonding company if your are in bankruptcy, but this applies to very few people.
The only reason for a trustee to contact your employer would be if your wages were being garnisheed. The trustee will notify your payroll department as soon as your bankruptcy or proposal is official. After this date, no further deductions can be taken from your wages, regardless of a garnishment order from the court. If your payroll person is uncomfortable stopping the deductions, ask your Trustee to give him or her a call.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.