For the most part everyone facing Bankruptcy in Brisbane has this particular anxiety 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 difficult for you.
When it involves Bankruptcy and employment in Brisbane, what I would advise is that you do your very own investigation here, do the research and go through that process to start with before declaring bankruptcy – considering that this may help you decide. Look at if your job is on the list shown below. If it is, I ‘d consult with them directly and clarify your situation. Some affiliations won’t have a problem 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 most cases you wouldn’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your job happens to be on the checklist and you’ve consulted with them but they won’t be convinced, then I ‘d recommend 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 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 important: if you’re an electrician as an example, there is nothing stopping you collaborating with another electrician in Brisbane under their Licence.
Please take a look at the table below, it deals with the license and company aspect of Bankruptcy. It’s set up 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 own company. 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 volume of money. Usually people who run their personal business have debts that are business related and it can come to be really complicated, so it’s best to obtain some experienced advice instead of going it alone.
If you want 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 Brisbane on 1300 795 575, or go to our website: www.bankruptcyexpertsbrisbane.com.au.