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

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

Generally everyone coping with Bankruptcy in Dubbo has this particular fear about their job, and the answer to the question is ‘maybe’. The issue with some professions 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 Dubbo, what I would suggest is that you do your own research here, do the research and go through 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 shown below. If it is, I ‘d speak to 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 affected 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 line of work 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 unusual 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 example, there is nothing stopping you teaming up with another electrician in Dubbo under their Licence.

Please check out the table below, it deals with the license and company side of Bankruptcy. It’s organized on a state by state premise, and you’ll discover that there’s a listing called “Operating a business.” Please don’t fret 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 in fact 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 amount of money. Commonly people who run their personal business have debts that are business related and it can become extremely complicated, so it’s best to obtain some experienced advice as opposed to 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 touch with Bankruptcy Experts Dubbo on 1300 795 575, or check out our website: www.bankruptcyexpertsdubbo.com.au.

By | 2018-07-30T03:11:34+00:00 October 3rd, 2016|banrkuptcy, blog|0 Comments

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