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

Home/Bankrupt, Blog/Bankruptcy in Shellharbour – Am I going to lose my job if I go bankrupt?

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

For the most part everyone managing Bankruptcy in Shellharbour has this particular uncertainty about their job, and the answer to the question is ‘maybe’. The concern 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 make it difficult for you.

When it involves Bankruptcy and employment in Shellharbour, what I would suggest is that you do your very own due diligence here, do the research and check that process to start with before declaring bankruptcy – considering that this may really help you decide. Take a look at if your job is on the list listed here. If it is, I ‘d reach out to them directly and clarify your situation. Some associations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by shady or questionable behaviour.

If you are impacted 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 line of work happens to be on the checklist and you’ve contacted them but they won’t be convinced, then I ‘d suggest you seek some qualified advice. This may be one of those uncommon occasions 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 need to work under another’s Licence temporarily. In the building sector this is especially important: if you’re an electrician for example, there is nothing stopping you working with another electrician in Shellharbour under their Licence.

Please look at 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 notice that there’s a listing called “Operating a business.” Please don’t stress if you run your very own company. Just one of the limitations of bankruptcy is you can’t be a director of a business, 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 company as a sole trader. There are no limitations: you can hire staff and turn over any level of money. Commonly people who run their personal business have debts that are business related and it can become really complicated, so it’s best to get some skilled advice rather than 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 contact with Bankruptcy Experts Shellharbour on 1300 795 575, or visit our website:

By | 2016-10-03T03:17:38+00:00 October 3rd, 2016|Bankrupt, Blog|0 Comments

About the Author: