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

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

Generally speaking everyone coping with Bankruptcy in Geraldton has this fear about their job, and the answer to the question is ‘maybe’. The trouble with some professions isn’t that you cannot do the job any longer, it’s more a concern of professional bodies or institutions that view bankruptcy in a dim light and can make it complicated for you.

When it involves Bankruptcy and employment in Geraldton, what I would say is that you do your own homework here, do the research and go through that process first before declaring bankruptcy – considering that this may really help you make a decision. Check to see if your job is on the list below. If it is, I ‘d speak to them directly and clarify your situation. Some associations won’t have an issue with your bankruptcy provided that it wasn’t accompanied by suspicious or questionable behaviour.

If you are impacted by this area of Bankruptcy and licences, in many cases you will likely not 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 gotten in touch with them but they won’t be convinced, then I ‘d suggest 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 many cases you don’t need to get out of the industry you are working 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 working with another electrician in Geraldton under their Licence.

Please look at the table below, it deals with the license and company side of Bankruptcy. It’s prepared 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 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 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. Usually people who run their personal business have debts that are business related and it can come to be truly complicated, so it’s best to obtain some skilled advice instead of 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 touch with Bankruptcy Experts Geraldton on 1300 795 575, or go to our website: www.bankruptcyexpertsgeraldton.com.au.

By | 2017-10-12T02:57:14+00:00 October 3rd, 2016|Bankruptcy, Liquidation|0 Comments

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