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

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

Ultimately everyone dealing with Bankruptcy in Wollongong has this particular concern about their job, and the answer to the question is ‘maybe’. The issue with some lines of work 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 Wollongong, what I would say is that you do your very own preparation here, do the research and look at that process to start with before declaring bankruptcy – considering that this may help you decide. Take a look at if your job is on the list listed here. If it is, I ‘d speak to them directly and clear up your situation. Some affiliations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by scandalous 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 career 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 occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t have to exit the industry you are working 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 Wollongong under their Licence.

Please look at 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 fret if you run your own company. One of the limitations of bankruptcy is you can’t be a director of a business, but all 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 hire staff and turn over any level of money. Usually people who run their own business have debts that are business related and it can come to be extremely complicated, so it’s best to get some skilled advice instead of 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 Wollongong on 1300 795 575, or go to our website: www.bankruptcyexpertswollongong.com.au.

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