June 28, 20160

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

Posted by:Bankruptcy Specialist onJune 28, 2016

Simply speaking everyone managing bankruptcy in Cassowary Coast has this concern 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 a concern of professional bodies or organizations that view bankruptcy in a dim light and can keep it complicated for you.

When it involves bankruptcy and employment in Cassowary Coast, what I would say is that you do your very own prep work 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 listed here. 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 shady or questionable behaviour.

If you are affected by this area of bankruptcy and licences, in most cases you won’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your line of work 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 unique times 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 working in; you just need to work under another’s Licence temporarily. In the building sector this is especially useful: if you’re an electrician for example, there is nothing stopping you collaborating with another electrician in Cassowary Coast under their Licence.

Please look at the table below, it deals with the license and company side of bankruptcy. It’s laid out on a state by state premise, and you’ll realize 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 business, 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 can still own and run this business as a sole trader. There are no limitations: you can hire staff and turn over any level 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 get some skilled advice rather than going it alone.

If you wish 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 Cassowary Coast on 1300 818 575, or visit our website: www.bankruptcy-cassowarycoast.com.au.

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Bankruptcy Cassowary Coast
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