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

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

Generally everyone facing Bankruptcy in Northern Rivers has this concern about their job, and the answer to the question is ‘maybe’. The concern 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 difficult for you.

When it involves Bankruptcy and employment in Northern Rivers, what I would say is that you do your own prep work here, do the research and look at 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 to them directly and clarify your situation. Some affiliations won’t have an issue with your bankruptcy just as long as it wasn’t accompanied by scandalous or questionable behaviour.

If you are impacted by this area of Bankruptcy and licences, often you will likely not lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your career happens to be on the checklist and you’ve gotten in touch with them but they won’t be convinced, then I ‘d recommend you seek some qualified advice. This may be 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 have to get out of 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 working with another electrician in Northern Rivers under their Licence.

Please check out the table below, it deals with the license and company side of Bankruptcy. It’s arranged on a state by state premise, and you’ll discover that there’s a listing called “Operating a business.” Please don’t stress if you run your own company. Just one of the limitations of bankruptcy is you can’t be a director of a company, but all this actually means is that you 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 level of money. Usually people who run their own business have debts that are business related and it can come to be truly complicated, so it’s best to get some skilled advice instead of going it alone.

If you want 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 Northern Rovers on 1300 795 575, or go to our website: Bankruptcy Northernrivers

By | 2018-08-01T02:02:36+00:00 October 3rd, 2016|Bankrupt, Blog|0 Comments

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