Bankruptcy in Bunbury – Am I going to lose my job if I go bankrupt?
Simply speaking everyone handling Bankruptcy in Bunbury has this fear about their job, and the answer to the question is ‘maybe’. The trouble with some professions 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 Bunbury, what I would advise is that you do your own research here, do the research and look at that process to start with before declaring bankruptcy – considering that this may help you make a decision. Check to see if your job is on the list shown below. If it is, I ‘d contact them directly and clarify your situation. Some affiliations won’t have a problem with your bankruptcy just as long as it wasn’t accompanied by dishonest or questionable behaviour.
If you are affected by this area of Bankruptcy and licences, in many cases you wouldn’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your job 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 just one of those rare occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.
Remember in most cases you don’t need 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 Bunbury under their Licence.
Please check out the table below, it deals with the license and company part of Bankruptcy. It’s set up on a state by state premise, and you’ll notice that there’s a listing called “Operating a business.” Please don’t fret if you run your 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 must 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 level of money. Normally people who run their own business have debts that are business related and it can become truly complicated, so it’s best to obtain some experienced advice as opposed to going it alone.
If you wish to learn more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to get in contact with Bankruptcy Experts Bunbury on 1300 795 575, or check out our website: www.bankruptcyexpertsbunbury.com.au.