Realty News

Question: I’m a law student and I will be graduating soon with mega-debt. I’m wondering if claiming personal bankruptcy could prevent me from working as a lawyer (or maybe prevent me from working in specific types of law).

Also, could a bankruptcy claim reflect poorly concerning polictical or judicial appointments (although such an appointment would not occur for over ten years)?

Answer: In most jurisdictions you cannot administer a trust account while bankrupt, so it may be impossible to act as a real estate lawyer while bankrupt.  Most other types of law are not affected, however we suggest you contact your law society to determine whether or not a bankruptcy will impact your ability to practice.  Since a bankruptcy only stays on your credit report for seven years, it would probably not have a significant impact on judicial appointments ten years from now.

Original post by MoneyProblems.ca