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Will My Employer Be Notified If I Go Bankrupt?
Question:
I owe around £40k in loans and credit cards, i have kept up payments on them all but now my partner has lost her job i will be responsible for all of the rent. I do own a property but it has no equity in it and i have tennants in there. I can’t keep up repayments and as my property has lost so much value anyway i have decided to make myself bankrupt. My worry is I may lose my job, does my work have to find out ?
Answer:
In most instances your employer is not notified if you are made bankrupt.
The Official Receiver may have a NT tax code placed which means no tax, so any taxes you were to pay are paid into the bankruptcy.
This does not mean you will owe taxes, just those funds go towards the bankruptcy. That can be the only contact with your employer.
There are some financial careers that bankruptcy does effect. You can review any employment contract you have or have have a private chat with your personnel department to confirm this.
Thank you for letting me help you.
Jon
If you have a bankruptcy question you’d like to ask, just ask using this online form. All help is free.
Source: Will My Employer Be Notified If I Go Bankrupt?