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

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

Generally everyone dealing with Bankruptcy in Fremantle has this uncertainty about their job, and the answer to the question is ‘maybe’. The problem with some occupations 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 complicated for you.
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When it involves Bankruptcy and employment in Fremantle, what I would suggest is that you do your own homework here, do the research and look at that process to start with before declaring bankruptcy – considering that this may help you make a decision. Check to see if your job is on the list below. If it is, I ‘d consult with them directly and clear up your situation. Some affiliations won’t have an issue with your bankruptcy provided that it wasn’t accompanied by unscrupulous or questionable behaviour.

If you are impacted by this area of Bankruptcy and licences, in many cases 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 gotten in touch with them but they won’t budge, then I ‘d recommend you seek some qualified advice. This may be one of those unusual times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t need to leave the industry you are working in; you just need to work under another’s Licence temporarily. In the building sector this is especially useful: if you’re an electrician for instance, there is nothing stopping you partnering with another electrician in Fremantle under their Licence.

Please look at the table below, it deals with the license and company part of Bankruptcy. It’s arranged on a state by state premise, and you’ll realize that there’s a listing called “Operating a business.” Please don’t fret 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 really means is that you will have to restructure your business.

Simply for your peace of mind I’ll tell you now that you can still own and run this business as a sole trader. There are no limitations: you can hire staff and turn over any level of money. Typically 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 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 contact with Bankruptcy Experts Fremantle on 1300 795 575, or check out our website: www.bankruptcyexpertsfremantle.com.au.

By | 2018-07-26T07:22:18+00:00 October 3rd, 2016|Bankruptcy, Blog|0 Comments

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