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June 28, 20160

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

Posted by:Bankruptcy Specialist onJune 28, 2016

Virtually everyone looking for Bankruptcy Advice in Bendigo has this worry about their job, and the response to the question is ‘maybe’. The challenge with some professions isn’t that you cannot do the job any more, it’s more an issue 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 Bendigo, what I would recommend is that you do your very own investigation here, do the research and go through that process first before declaring bankruptcy since that may help you make a decision. Check if your line of work is on the list below. If it is, I’d get in touch with them directly and talk about your situation. Some organizations won’t have an issue with your bankruptcy provided that it wasn’t accompanied by shady or questionable behaviour.

If you are affected by this area 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 occupation happens to be on the checklist and you’ve spoken with them but they won’t budge, then I’d suggest you seek some qualified professional advice. This may be one of those rare occasions when I’d recommend using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t need 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 instance, there is very little stopping you working with another electrician in Bendigo under their Licence.

Please take a look at the table below, it handles the license and business side of Bankruptcy Advice. 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 worry if you run your own business. Some of the limitations of bankruptcy is you can’t be a director of a company, but all that this really means is that you have 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 employ staff and turn over any amount of money. Generally people who run their own business have debts that are business related and it can end up being very complicated, so it’s best to get some specialist advice as opposed to 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 get in touch with Bankruptcy AdviceBendigo on 1300 818 575.

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