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

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

Generally speaking everyone dealing with Bankruptcy in Mildura has this uncertainty about their job, and the answer to the question is ‘maybe’. The problem 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.
Bankruptcy Mildura

When it involves Bankruptcy and employment in Mildura, what I would advise is that you do your very own homework here, do the research and check that process to start with before declaring bankruptcy – considering that this may help you make a decision. Take a look at if your job is on the list shown below. If it is, I ‘d get in touch with them directly and straighten out your situation. Some affiliations 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, in many cases you won’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your occupation happens to be on the checklist and you’ve contacted them but they won’t budge, then I ‘d suggest you seek some qualified advice. This may be just 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 get out of 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 useful: if you’re an electrician as an example, there is nothing stopping you collaborating with another electrician in Mildura under their Licence.

Please take a look at the table below, it deals with the license and company aspect 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 stress if you run your own company. Just one of the limitations of bankruptcy is you can’t be a director of a business, but all this in fact means is that you 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 level 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 obtain some skilled advice as opposed to 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 Mildura on 1300 795 575, or go to our website: www.bankruptcyexpertsmildura.com.au.

By |2018-07-26T04:30:53+00:00October 3rd, 2016|bankruptcy, blog|0 Comments

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