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October 3, 2016Comments Closed

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

Posted by:Bankruptcy Specialist onOctober 3, 2016

Generally everyone dealing with Bankruptcy in Bendigo has this concern about their job, and the answer to the question is ‘maybe’. The problem with some lines of work 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 keep it complicated for you.

When it involves Bankruptcy and employment in Bendigo, what I would say 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 help you make a decision. Take a look at if your job is on the list in this article. If it is, I ‘d contact them directly and shed light on your situation. Some affiliations 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 wouldn’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 consulted with them but they won’t be convinced, then I ‘d recommend you seek some qualified advice. This may be one of those uncommon 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 employed in; you just have to work under another’s Licence temporarily. In the building sector this is especially useful: if you’re an electrician as an example, there is nothing stopping you teaming up with another electrician in Bendigo under their Licence.

Please check out the table below, it deals with the license and company part of Bankruptcy. It’s prepared on a state by state premise, and you’ll notice that there’s a listing called “Operating a business.” Please don’t worry if you run your very own company. Just 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 will have 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 volume of money. Normally people who run their own business have debts that are business related and it can become quite complicated, so it’s best to get some skilled advice as opposed to 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 Experts Bendigo on 1300 818 575, or check out our website: www.bankruptcyexpertsbendigo.com.au.

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bankruptcy experts,bankruptcy advice free,Bankruptcy Bendigo,Bankrupt Bendigo,Insolvency Bendigo
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bankruptcy experts,bankruptcy advice free,Bankruptcy Bendigo,Bankrupt Bendigo,Insolvency Bendigo
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