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

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

Generally everyone coping with Bankruptcy in Taree has this particular concern about their job, and the answer to the question is ‘maybe’. The issue with some lines of work isn’t that you cannot do the job any longer, it’s more an issue 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 Taree, what I would say is that you do your very own preparation here, do the research and check that process first before declaring bankruptcy – considering that this may really help you decide. Check to see if your job is on the list below. If it is, I ‘d speak with them directly and clarify your situation. Some affiliations won’t have a problem 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 most cases you wouldn’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your profession happens to be on the checklist and you’ve contacted them but they won’t be convinced, then I ‘d suggest you seek some qualified advice. This may be one of those unique times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in most cases you don’t have to leave the industry you are working in; you just have to work under another’s Licence temporarily. In the building sector this is especially important: if you’re an electrician for instance, there is nothing stopping you partnering with another electrician in Taree under their Licence.

Please take a look at the table below, it deals with the license and company side 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 worry if you run your very own company. One of the limitations of bankruptcy is you can’t be a director of a company, 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 will be able to still own and run this business as a sole trader. There are no limitations: you can hire staff and turn over any amount of money. Generally people who run their personal business have debts that are business related and it can come to be extremely complicated, so it’s best to get some experienced advice as opposed to going it alone.

If you would like 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 Taree on 1300 795 575, or go to our website: www.bankruptcyexpertstaree.com.au.

By | 2018-07-06T05:41:39+00:00 October 3rd, 2016|Bankruptcy, Liquidation|0 Comments

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