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

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

Essentially everyone handling Bankruptcy in Wyong has this particular worry about their job, and the answer to the question is ‘maybe’. The trouble with some professions isn’t that you cannot do the job any longer, it’s more a concern of professional bodies or organizations that view bankruptcy in a dim light and can make it complicated for you.

When it involves Bankruptcy and employment in Wyong, what I would say is that you do your very own leg work here, do the research and go through that process to start with before declaring bankruptcy – considering that this may help you decide. Check to see if your job is on the list shown below. If it is, I ‘d speak with them directly and clear up your situation. Some affiliations won’t have an issue with your bankruptcy just as long as it wasn’t accompanied by shifty or questionable behaviour.

If you are impacted by this area of Bankruptcy and licences, in most cases you will likely not 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 consulted with them but they won’t budge, then I ‘d suggest you seek some qualified advice. This may be one of those rare 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 working in; you just have to work under another’s Licence temporarily. In the building sector this is especially important: if you’re an electrician for instance, there is nothing stopping you collaborating with another electrician in Wyong under their Licence.

Please check out the table below, it deals with the license and company part of Bankruptcy. It’s laid out 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. 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 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 business as a sole trader. There are no limitations: you can hire staff and turn over any amount of money. Generally people who run their own business have debts that are business related and it can come to be very complicated, so it’s best to get some experienced advice rather than 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 Wyong on 1300 795 575, or go to our website:

By | 2018-07-06T05:21:32+00:00 October 3rd, 2016|Bankrupt, Blog|0 Comments

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