Bankrupt, Declaring Bankruptcy, Bankruptcy
March 3, 20170

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

Posted by:Charles Bosse onMarch 3, 2017

Essentially everyone experiencing Bankruptcy Advice in Australia has this concern about their job, and the answer to the question is ‘maybe’. The trouble with some professions isn’t that you can’t do the job any longer, it’s more a problem of professional bodies or organizations that view bankruptcy in a dim light and can make things very difficult for you.

When it comes to Bankruptcy Advice and employment in Australia, what I would recommend is that you do your very own homework here, do the research and go through that process first before filing for bankruptcy considering that may help you decide. Check if your line of work is on the list below. If it is, I ‘d consult with them directly and talk about your situation. Some associations won’t have a concern with your bankruptcy so long as it wasn’t accompanied by shady or questionable behaviour.

If you are affected by this part of Bankruptcy Advice and licences, Most of the time you won’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your profession happens to be on the list and you’ve spoken with them but they won’t budge, then I ‘d suggest you seek some experienced advice. This may be just one of those rare occasions when I ‘d advise using a Debt Agreement or a Personal Insolvency Agreement.

Remember most of the time you don’t have to exit the business you are employed in; you just have to work under another’s Licence for a time. In the building sector this is particularly relevant: if you’re an electrician for example, there is very little stopping you working with another electrician in Australia under their Licence.

Please check the table below, it handles the license and company side of Bankruptcy Advice. Its organised on a state by state basis, and you’ll discover 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 company, but all this really means is that you should restructure your business.

Just for your peace of mind I’ll tell you now that you can still own and run your business as a sole trader. There are no restrictions: you can hire staff and turn over any amount of money. Typically people who run their own business have debts that are business related and it can come to be very complicated, so it’s best to get some professional 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 Advice, then feel free to speak with Fresh Start Solutions Australia on 1300 818 575, we have offices in, Brisbane, Canberra, Sunshine Coast, Sydney, Melbourne, Gold Coast, Adelaide, Perth, Darwin and Hobart. or visit our website:  www.freshstartsolutions.com.au/bankruptcy-Australia

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