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June 28, 2016 0

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

Posted by:Bankruptcy Specialist onJune 28, 2016

Ultimately everyone dealing with bankruptcy in Emerald has this fear about their job, and the answer to the question is ‘maybe’. The trouble with some occupations 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 Emerald, what I would say is that you do your own prep work here, do the research and check that process first before declaring bankruptcy – considering that this may really help you decide. Take a look at if your job is on the list shown below. If it is, I ‘d speak to them directly and clear up your situation. Some affiliations won’t have an issue with your bankruptcy provided that it wasn’t accompanied by unscrupulous or questionable behaviour.

If you are impacted by this area of bankruptcy and licences, often you wouldn’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your occupation happens to be on the checklist and you’ve consulted with them but they won’t budge, then I ‘d recommend you seek some qualified advice. This may be one of those uncommon occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t have to exit the industry you are working in; you just have to work under another’s Licence for a time. In the building sector this is especially important: if you’re an electrician for instance, there is nothing stopping you teaming up with another electrician in Emerald under their Licence.

Please look at 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 worry if you run your own company. One of the limitations of bankruptcy is you can’t be a director of a business, but all this in fact means is that you must 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. Normally 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 obtain some skilled advice rather than going it alone.

If you need 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 Emerald on 1300 818 575, or go to our website: www.bankruptcy-emerald.com.au.

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