Bankruptcy in Australia – Am I going to lose my job if I go bankrupt?
Simply speaking everyone coping with Bankruptcy in Australia has this worry 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 institutions that view bankruptcy in a dim light and can keep it complicated for you.
When it involves Bankruptcy and employment in Australia, what I would recommend is that you do your very own homework here, do the research and go through that process to start with before declaring bankruptcy – considering that this may really help you decide. Take a look at if your job is on the list listed below. If it is, I ‘d consult with them directly and straighten out your situation. Some affiliations won’t have an issue with your bankruptcy provided that it wasn’t accompanied by shifty 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 career happens to be on the checklist and you’ve talked to them but they won’t budge, then I ‘d suggest you seek some qualified advice. This may be just one of those unusual occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.
Remember in many cases you don’t need to get out of the industry you are working in; you just have to work under another’s Licence temporarily. In the building sector this is especially relevant: if you’re an electrician for example, there is nothing stopping you working with another electrician in Australia under their Licence.
Please take a look at the table below, it deals with the license and company side of Bankruptcy. It’s prepared on a state by state premise, and you’ll realize 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 company, but all this really 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 business as a sole trader. There are no limitations: you can hire staff and turn over any amount of money. Commonly people who run their personal business have debts that are business related and it can become quite complicated, so it’s best to get some experienced advice rather than 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 Australia on 1300 795 575, or go to our website: Bankruptcy Experts Australia