Bankruptcy in Wangaratta – Am I going to lose my job if I go bankrupt?

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Bankruptcy in Wangaratta – Am I going to lose my job if I go bankrupt?

Generally speaking everyone dealing with Bankruptcy in Wangaratta has this concern about their job, and the answer to the question is ‘maybe’. The issue with some jobs isn’t that you cannot do the job any longer, it’s more a concern of professional bodies or organizations that view bankruptcy in a dim light and can keep it complicated for you.
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When it involves Bankruptcy and employment in Wangaratta, what I would say is that you do your very own investigation here, do the research and look at that process first before declaring bankruptcy – considering that this may help you decide. Look at if your job is on the list below. If it is, I ‘d speak to them directly and clarify your situation. Some associations won’t have an issue with your bankruptcy provided that it wasn’t accompanied by unethical or questionable behaviour.

If you are affected by this area of Bankruptcy and licences, in many cases you won’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your line of work happens to be on the checklist and you’ve talked to them but they won’t be convinced, then I ‘d recommend you seek some qualified advice. This may be one of those uncommon times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t have to exit the industry you are employed in; you just have 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 working with another electrician in Wangaratta under their Licence.

Please check out the table below, it deals with the license and company aspect of Bankruptcy. It’s set up on a state by state premise, and you’ll discover that there’s a listing called “Operating a business.” Please don’t fret if you run your very own company. Just one of the limitations of bankruptcy is you can’t be a director of a business, but all this really means is that you need 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 volume of money. Typically people who run their personal business have debts that are business related and it can come to be very complicated, so it’s best to obtain 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 Wangaratta on 1300 795 575, or go to our website: www.bankruptcyexpertswangaratta.com.au.

By | 2018-07-26T02:54:17+00:00 October 3rd, 2016|Bankruptcy, Blog|0 Comments

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