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

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

Basically everyone facing Bankruptcy in Maitland has this uncertainty about their job, and the answer to the question is ‘maybe’. The concern with some professions isn’t that you cannot do the job any longer, it’s more an issue of professional bodies or institutions that view bankruptcy in a dim light and can make it difficult for you.
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When it involves Bankruptcy and employment in Maitland, what I would recommend is that you do your very own preparation 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 listed below. If it is, I ‘d call them directly and shed light on your situation. Some associations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by suspicious or questionable behaviour.

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

Remember in many cases you don’t need to get out of the industry you are working in; you just have to work under another’s Licence temporarily. In the building sector this is especially relevant: if you’re an electrician for instance, there is nothing stopping you teaming up with another electrician in Maitland under their Licence.

Please check out the table below, it deals with the license and company part of Bankruptcy. It’s set up on a state by state premise, and you’ll realize that there’s a listing called “Operating a business.” Please don’t fret if you run your very 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 need 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 amount of money. Generally people who run their own business have debts that are business related and it can come to be extremely complicated, so it’s best to get some skilled advice instead of 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 Maitland on 1300 795 575, or go to our website: www.bankruptcyexpertsmaitland.com.au.

By | 2016-10-03T02:35:35+00:00 October 3rd, 2016|Bankrupt, blog|0 Comments

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