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

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

Essentially everyone dealing with Bankruptcy in Shepparton has this uncertainty about their job, and the answer to the question is ‘maybe’. The trouble with some lines of work 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 difficult for you.

When it involves Bankruptcy and employment in Shepparton, what I would recommend is that you do your own preparation here, do the research and go through that process to start with before declaring bankruptcy – considering that this may really help you make a decision. Look at if your job is on the list below. If it is, I ‘d speak with them directly and shed light on your situation. Some associations won’t have an issue with your bankruptcy just as long as it wasn’t accompanied by suspicious or questionable behaviour.

If you are impacted by this area of Bankruptcy and licences, in most 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 contacted them but they won’t be convinced, then I ‘d suggest you seek some qualified advice. This may be just one of those unique occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in most cases you don’t need 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 important: if you’re an electrician as an example, there is nothing stopping you teaming up with another electrician in Shepparton under their Licence.

Please take a look at the table below, it deals with the license and company aspect of Bankruptcy. It’s arranged on a state by state premise, and you’ll notice that there’s a listing called “Operating a business.” Please don’t stress 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 actually 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 company as a sole trader. There are no limitations: you can hire staff and turn over any volume of money. Normally people who run their personal business have debts that are business related and it can come to be truly complicated, so it’s best to obtain some skilled advice as opposed to 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 touch with Bankruptcy Experts Shepparton on 1300 795 575, or go to our website: www.bankruptcyexpertsshepparton.com.au.

 

By | 2017-10-10T06:33:36+00:00 September 30th, 2016|Bankrupt, Liquidation|0 Comments

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