Bankruptcy and Jobs
Perhaps the most important thing to do to get back on to your feet after filing for bankruptcy is to get a job. It is essential that you take up a job to have a constant earning and to show creditors that you are trying to re-establish your credit rating. However, there are various factors to consider before you take up a job after filing for bankruptcy.
Insolvency Amendment Act 2001, since the 2nd of May 2001, has tightened its reins on the employment methods of a person who has filed for bankruptcy. Before a debtor is discharged from his or her bankruptcy case, it would not be advisable for that person to manage a business. According to the amendment, it is now also illegal for a relative of a bankrupt person to employ the person. The same is applicable for a company or any organization that is managed or controlled in anyway by the relative of the person who has filed for bankruptcy. Therefore it is important for a debtor or the relative of the debtor to look into the details of this amendment in order not to be involved, for whatever reason, with an offence.
