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September 30, 2016Comments Closed

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

Posted by:Charles Bosse onSeptember 30, 2016

Essentially everyone facing Bankruptcy in Australia 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 organizations 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 Australia, what I would advise is that you do your very own investigation 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 shown below. If it is, I ‘d talk 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 underhanded or questionable behaviour.

If you are affected by this area of Bankruptcy and licences, in many cases you won’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 talked to them but they won’t be convinced, then I ‘d recommend you seek some qualified advice. This may be one of those unique times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t need to leave the industry you are working in; you just have to work under another’s Licence for a while. In the building sector this is especially relevant: if you’re an electrician for instance, there is nothing stopping you working with another electrician in Australia under their Licence.

Please check out the table below, it deals with the license and company side of Bankruptcy. It’s arranged 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 will have 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 business as a sole trader. There are no limitations: you can hire staff and turn over any volume of money. Generally people who run their own business have debts that are business related and it can come to be incredibly complicated, so it’s best to obtain some skilled 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, then feel free to get in touch with Bankruptcy Experts on 1300 795 575, or go to our website: www.bankruptcyexperts.com.au.

 

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