Effect of Bankruptcy or Proposal on Employment

Possibly. Different accounting regulatory bodies have different rules; it is possible that if you go bankrupt you may be suspended from membership in your accounting organization, which may therefore impact on your employment.

Most employers do not routinely do a credit check on potential new hires, so it is unlikely that a new employer would know that you were bankrupt or filed a consumer proposal. However, if you are applying for a senior position, a credit check might be done.

My advice is to check with your accounting body to determine how a bankruptcy or proposal will effect you. If an employer asks about your credit history, honesty is usually a good policy, particularly if you explain what caused your financial problems.