Bankruptcy in Canberra – Am I going to lose my job if I go bankrupt?
Ultimately everyone managing Bankruptcy in Canberra has this particular fear about their job, and the answer to the question is ‘maybe’. The issue with some professions isn’t that you cannot do the job any longer, it’s more an issue of professional bodies or organizations that view bankruptcy in a dim light and can make it complicated for you.
When it involves Bankruptcy and employment in Canberra, what I would advise is that you do your own due diligence here, do the research and check that process to start with before declaring bankruptcy – considering that this may really help you make a decision. Take a look at if your job is on the list shown below. If it is, I ‘d consult with them directly and shed light on your situation. Some affiliations won’t have a problem 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, in most 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 gotten in touch with them but they won’t be convinced, then I ‘d suggest you seek some qualified advice. This may be just one of those rare times 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 employed in; you just need to work under another’s Licence for a while. In the building sector this is especially useful: if you’re an electrician as an example, there is nothing stopping you partnering with another electrician in Canberra under their Licence.
Please check out the table below, it deals with the license and company part of Bankruptcy. It’s prepared 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 company, but all this in fact means is that you need 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 company as a sole trader. There are no limitations: you can hire staff and turn over any volume of money. Typically people who run their own business have debts that are business related and it can come to be really complicated, so it’s best to obtain some experienced advice instead of 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 touch with Bankruptcy Experts Canberra on 1300 795 575, or visit our website: www.bankruptcyexpertscanberra.com.au.