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

Bankruptcy Port Macquarie

Simply speaking everyone handling Bankruptcy in Port Macquarie has this uncertainty about their job, and the answer to the question is ‘maybe’. The problem with some jobs 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 Port Macquarie, what I would say 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 decide. Take a look at if your job is on the list in this article. If it is, I ‘d reach out to them directly and clear up 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, often you will likely not lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your job happens to be on the checklist and you’ve contacted them but they won’t be convinced, then I ‘d recommend you seek some qualified advice. This may be just one of those rare 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 working in; you just have to work under another’s Licence for a time. In the building sector this is especially important: if you’re an electrician as an example, there is nothing stopping you working with another electrician in Port Macquarie under their Licence.

Please look at the table below, it deals with the license and company aspect of Bankruptcy. It’s set up 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 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 extremely complicated, so it’s best to get some skilled advice instead of going it alone.

If you would like 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 Port Macquarie on 1300 795 575, or check out our website:

By | 2020-08-14T05:34:39+00:00 October 3rd, 2016|Bankrupt, blog|0 Comments

About the Author: