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

Essentially everyone coping with Bankruptcy in Geelong has this fear 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 an issue of professional bodies or institutions that view bankruptcy in a dim light and can keep it complicated for you.
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When it involves Bankruptcy and employment in Geelong, what I would advise is that you do your very own preparation here, do the research and check 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 in this article. If it is, I ‘d speak to them directly and shed light on your situation. Some affiliations won’t have an issue with your bankruptcy just as long as it wasn’t accompanied by dishonest or questionable behaviour.

If you are affected by this area of Bankruptcy and licences, often 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 be convinced, then I ‘d suggest you seek some qualified advice. This may be just one of those unusual times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t need to exit 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 useful: if you’re an electrician for instance, there is nothing stopping you collaborating with another electrician in Geelong 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 worry if you run your own company. Just one of the limitations of bankruptcy is you can’t be a director of a company, but all this actually 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 company as a sole trader. There are no limitations: you can hire staff and turn over any volume of money. Commonly 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 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 Geelong on 1300 795 575, or go to our website: www.bankruptcyexpertsgeelong.com.au.

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