Bankruptcy in Tablelands – Am I going to lose my job if I go bankrupt?
For the most part everyone dealing with Bankruptcy in Tablelands has this particular worry about their job, and the answer to the question is ‘maybe’. The trouble with some jobs isn’t that you cannot do the job any longer, it’s more a concern of professional bodies or institutions that view bankruptcy in a dim light and can keep it complicated for you.
When it involves Bankruptcy and employment in Tablelands, what I would suggest is that you do your own due diligence here, do the research and look at that process to start with before declaring bankruptcy – considering that this may help you make a decision. Take a look at if your job is on the list listed below. If it is, I ‘d call them directly and shed light on your situation. Some affiliations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by dubious or questionable behaviour.
If you are affected by this area of Bankruptcy and licences, in most cases you will not lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your occupation happens to be on the checklist and you’ve gotten in touch with them but they won’t budge, then I ‘d recommend you seek some qualified advice. This may be just one of those rare occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.
Remember in many cases you don’t need to leave the industry you are employed in; you just need to work under another’s Licence for a while. In the building sector this is especially relevant: if you’re an electrician for instance, there is nothing stopping you partnering with another electrician in Tablelands under their Licence.
Please check out the table below, it deals with the license and company part of Bankruptcy. It’s organized on a state by state premise, and you’ll notice that there’s a listing called “Operating a business.” Please don’t fret if you run your very own company. One of the limitations of bankruptcy is you can’t be a director of a business, but all this in fact means is that you will have to restructure your business.
Simply for your peace of mind I’ll tell you now that you can still own and run this company as a sole trader. There are no limitations: you can hire staff and turn over any amount of money. Normally people who run their own business have debts that are business related and it can come to be incredibly complicated, so it’s best to get some skilled advice instead of going it alone.
If you need to learn more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to get in touch with Bankruptcy Experts Tablelands on 1300 795 575, or check out our website: www.bankruptcyexpertstablelands.com.au.