October 3, 2016Comments Closed

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

Posted by:admin onOctober 3, 2016

Ultimately everyone handling Bankruptcy in Ipswich has this particular worry about their job, and the answer to the question is ‘maybe’. The trouble with some occupations 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 make it difficult for you.

When it involves Bankruptcy and employment in Ipswich, what I would suggest is that you do your own homework here, do the research and look at that process to start with before declaring bankruptcy – considering that this may really help you decide. Take a look at if your job is on the list shown below. If it is, I ‘d speak with them directly and clarify your situation. Some associations won’t have an issue with your bankruptcy provided that it wasn’t accompanied by underhanded or questionable behaviour.

If you are impacted 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 profession happens to be on the checklist and you’ve talked to them but they won’t budge, 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 most cases you don’t have to get out of 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 relevant: if you’re an electrician as an example, there is nothing stopping you teaming up with another electrician in Ipswich under their Licence.

Please check out the table below, it deals with the license and company aspect of Bankruptcy. It’s arranged on a state by state premise, and you’ll discover that there’s a listing called “Operating a business.” Please don’t stress if you run your very own company. One of the limitations of bankruptcy is you can’t be a director of a business, but all this in fact 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. Usually people who run their personal business have debts that are business related and it can come to be really complicated, so it’s best to get some experienced advice rather than going it alone.

If you need to learn more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to get in contact with Bankruptcy Experts Ipswich on 1300 795 575, or visit our website: www.bankruptcyexpertsipswich.com.au.

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