If you hold a professional license and you are considering filing a personal bankruptcy, you may be wondering what will happen to your license. If you are a physician, attorney, realtor or you hold another professional license, that license can be considered an asset. Fortunately, section 525(a) of the Bankruptcy Code provides that a government agency cannot deny, revoke, suspend or refuse to renew a license to a person who has filed for bankruptcy, solely due to their Chapter 7 of Chapter 13 filing. In other words, even though your professional license is a valuable asset, you will not lose the ability to practice your profession as a result of your bankruptcy case.
It is essential to understand that your personal bankruptcy filing will not protect you from your losing your professional license based on other reasons. This means that if you have violated the standards or ethics of your profession, you cannot prevent your license from being revoked or suspended by filing a bankruptcy case.
If you hold a professional license and you intend to file a personal bankruptcy, it is important to verify that you are in compliance with the standards, obligations and requirements of your profession to ensure that no issues arise in your case. The Bankruptcy Code contains a “good moral character” clause, so you don’t want to open the door for this clause being expanded to allegations that you are in violation of the requirements of your profession.
As with all things in life, it is better to be safe than sorry!
The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office. LLC handle Chapter 7 and Chapter 13 bankruptcies, as well as debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense and debtor’s rights matters. We serve the areas of Milwaukee, South Milwaukee, West Milwaukee, Milwaukee County, and Waukesha County, including the municipalities of Big Bend Village, Brookfield City, Brookfield Town, Butler Village, Chenequa Village, Delafield City, Delafield Town, Dousman Village, Eagle Town, Eagle Village, Elm Grove Village, Genesee Town, Hartland Village, Lac La Belle Village, Lannon Village, Lisbon Town, Menomonee Falls Village, Merton, Town, Merton Village, Mukwonago Town, Mukwonago Village, Muskego City, Nashotah Village, New Berlin City, North Prairie Village, Oconomowoc City, Oconomowoc Lake Village, Oconomowoc Town, Ottawa Town, Pewaukee City, Pewaukee Village, Summit Town, Sussex Village, Vernon Town, Wales Village, Waukesha City, and Waukesha Town. Call DeLadurantey Law Office by phone at (414) 377-0518.