Will I Lose My Job If I Go Bankrupt?

Simply speaking everyone coping with Bankruptcy in Melbourne has this distress 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 an issue of professional bodies or organizations that view bankruptcy in a dim light and can keep it complicated for you.
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When it involves Bankruptcy and employment in Melbourne, what I would suggest is that you do your own investigation here, do the research and check that process first before declaring bankruptcy – considering that this may really help you make a decision. Take a look at if your job is on the list listed below. If it is, I ‘d get in touch with them directly and straighten out your situation. Some affiliations won’t have an issue with your bankruptcy just as long as it wasn’t accompanied by suspicious or questionable behaviour.

If you are affected by this area of Bankruptcy and licences, in many cases you will likely not 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 consulted with them but they won’t budge, then I ‘d recommend 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 most cases you don’t have to get out of 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 relevant: if you’re an electrician for example, there is nothing stopping you working with another electrician in Melbourne under their Licence.

Please look at the table below, it deals with the license and company part of Bankruptcy. It’s laid out on a state by state premise, and you’ll discover 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 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. Usually people who run their personal business have debts that are business related and it can come to be really complicated, so it’s best to get some skilled advice instead of 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 Melbourne on 1300 795 575, or visit our website: www.bankruptcyexpertsmelbourne.com.au.

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