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What Happens to My professional Designation If I File Bankruptcy or Consumer Proposal?

Nothing would happen to any person if they filed bankruptcy. The law prohibits both the government and private companies from terminating their employment. Just because the person filed bankruptcy, but it can affect when a person applies for a new job or search for a new job. In that case the situation is not that good in many private companies. But filing bankruptcy doesn’t mean that the person is not qualified for the job or anything. If the person is qualified then the company should hire that person.

But in some cases, the company doesn’t hire a new employee if the employee has filed a bankruptcy or consumer proposal. And it is just the mindset of some people. But no law states that if a person has filed bankruptcy is not eligible for a job. They have all the right to apply for the job and get that job if that person is eligible for the job. And most of the company doesn’t mind hiring a person who has filed bankruptcy or not. They just want the skills for that job, and if the candidate has those skills then the candidate will get the job.

Any effect on credit score after filling consumer proposal

Yes, after filling bankruptcy or consumer proposal, it affects the credit score of any person. The credit score can go to negative. Because filing the bankruptcy or consumer proposal means the person is telling the bank that the person has no money. And that is why that person is filling the consumer proposal. It means that the consumer is not able to pay the debt amount or anything. So, the credit score can automatically go to negative.

Think about the long-term perspective

The credit score is temporary, and one can get a good credit score after a certain time of period. But if someone is in a situation where they can’t pay the debt amount. So, they better file the consumer proposal. It is a good step that a person is taking. By doing so, one can get debt relief. And after paying all the debts one can increase their credit score.

Maintain your credit score

After paying the debt amount to start paying the credit card bills on time. So, the credit score never goes to negative or something. And the bank can trust their consumer easily.

In case of you have credit or debt issues visit www.gtacredit.com or call 416 650 1100

 

 

 

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