Bankrupt, Declaring Bankruptcy, Bankruptcy
March 6, 2017 0

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

Posted by:Charles Bosse onMarch 6, 2017

Ultimately everyone managing Bankruptcy in Australia has this fear about their job, and the answer to the question is ‘maybe’. The concern with some occupations 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 difficult for you.

When it involves Bankruptcy and employment in Australia, what I would recommend is that you do your very own leg work here, do the research and go through that process first before declaring bankruptcy – considering that this may really help you decide. Look at if your job is on the list shown below. If it is, I ‘d reach out to them directly and clear up 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, often 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 budge, 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 most cases you don’t need to leave the industry you are employed in; you just have 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 working with another electrician in Australia under their Licence.

Please take a look at 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 realize that there’s a listing called “Operating a business.” Please don’t stress 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 actually 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 amount of money. Commonly people who run their own business have debts that are business related and it can become truly complicated, so it’s best to obtain some skilled advice as opposed to going it alone.

If you would like 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 on 1300 818 575, or go to our website: www.freshstartsolutions.com.au.

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