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June 28, 20160

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

Posted by:Bankruptcy Specialist onJune 28, 2016

Simply speaking everyone managing bankruptcy in Frankston has this distress 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 an issue of professional bodies or organizations that view bankruptcy in a dim light and can make it difficult for you.

When it involves bankruptcy and employment in Frankston, what I would say 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 in this article. If it is, I ‘d get in touch 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 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 occupation happens to be on the checklist and you’ve talked to them but they won’t budge, then I ‘d suggest you seek some qualified advice. This may be one of those uncommon times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t have to leave the industry you are working in; you just need 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 working with another electrician in Frankston under their Licence.

Please check out the table below, it deals with the license and company aspect of bankruptcy. It’s organized 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 company, 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 business as a sole trader. There are no limitations: you can hire staff and turn over any volume of money. Commonly people who run their own business have debts that are business related and it can become quite complicated, so it’s best to get some skilled advice instead of going it alone.

If you wish 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 Frankston on 1300 818 575, or go to our website: www.bankruptcy-frankston.com.au.

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