Will I lose my job if I go bankrupt?
Bankruptcy Advice in Australia – Will I lose my job if I go bankrupt?
Essentially everyone facing Bankruptcy Advice in Australia has this worry about their job, and the answer to the question is ‘maybe’. The challenge with some occupations isn’t that you simply 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 make it difficult for you.
When it involves Bankruptcy Advice and employment in Australia, what I would recommend is that you do your own homework here, do the research and go through that process first before filing for bankruptcy because that may help you make a decision. Take a look at if your profession is on the list below. If it is, I ‘d contact them directly and explain your situation. Some affiliations won’t have an issue with your bankruptcy as long as it wasn’t accompanied by shady or questionable behaviour.
If you are affected by this part of Bankruptcy Advice and licences, In most cases you won’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your profession happens to be on the list and you’ve spoken to them but they won’t budge, then I ‘d advise you seek some experienced advice. This may be just one of those rare occasions when I ‘d advise using a Debt Agreement or a Personal Insolvency Agreement.
Remember most of the time you don’t need to exit the industry you are employed in; you just need to work under someone else’s Licence for a time. In the building industry this is particularly relevant: if you’re an electrician for example, there is absolutely nothing stopping you working with another electrician in Australia under their Licence.
Please check the table below, it handles the license and company side of Bankruptcy Advice. Its set up on a state by state premise, and you’ll realize that there’s a listing called “Operating a business.” Please don’t worry if you run your own business. Just one of the limitations of bankruptcy is you can’t be a director of a company, but all that this actually means is that you have to restructure your business.
Simply for your peace of mind I’ll tell you now that you can still own and run the business 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 become very complicated, so it’s best to get some specialist advice as opposed to going it alone.
If you want to learn more about what to do, where to turn and what questions to ask about Bankruptcy Advice, then feel free to consult with Bankruptcy Experts Australia on 1300 795 575, we have offices in, Brisbane, Canberra, Sunshine Coast, Sydney, Melbourne, Gold Coast, Adelaide, Perth, Darwin and Hobart. or visit our website: www.bankruptcyexperts.com.au
EMPLOYMENT RESTRICTIONS FOR BANKRUPTS