Generally everyone handling Bankruptcy in Whitsundays has this particular fear about their job, and the answer to the question is ‘maybe’. The trouble with some lines of work isn’t that you cannot do the job any longer, it’s more a concern of professional bodies or organizations that view bankruptcy in a dim light and can keep it difficult for you.
When it involves Bankruptcy and employment in Whitsundays, what I would suggest is that you do your own leg work 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 shown below. If it is, I ‘d speak with them directly and straighten out your situation. Some affiliations won’t have a problem with your bankruptcy just as long as it wasn’t accompanied by shady 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 career happens to be on the checklist and you’ve contacted them but they won’t budge, then I ‘d recommend you seek some qualified advice. This may be just one of those unique occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.
Remember in most cases you don’t have to leave the industry you are employed 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 partnering with another electrician in Whitsundays under their Licence.
Please look at the table below, it deals with the license and company side 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 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 need 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 business as a sole trader. There are no limitations: you can hire staff and turn over any amount of money. Commonly 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 obtain 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 Whitsundays on 1300 795 575, or check out our website: www.bankruptcyexpertswhitsundays.com.au.