October 3, 2016Comments Closed

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

Posted by:admin onOctober 3, 2016

Generally speaking everyone coping with Bankruptcy in Mount Isa has this particular anxiety 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 make it difficult for you.
Bankruptcy Experts Mount Isa

When it involves Bankruptcy and employment in Mount Isa, what I would recommend is that you do your own investigation here, do the research and check that process first before declaring bankruptcy – considering that this may really help you decide. Take a look at if your job is on the list listed below. If it is, I ‘d consult with them directly and clear up your situation. Some affiliations won’t have a problem with your bankruptcy just as long as it wasn’t accompanied by unethical or questionable behaviour.

If you are impacted by this area of Bankruptcy and licences, in many cases you will not 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 talked to them but they won’t be convinced, then I ‘d recommend you seek some qualified advice. This may be just 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 need to work under another’s Licence temporarily. In the building sector this is especially relevant: if you’re an electrician as an example, there is nothing stopping you teaming up with another electrician in Mount Isa under their Licence.

Please check out the table below, it deals with the license and company side of Bankruptcy. It’s arranged 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 very own company. One of the limitations of bankruptcy is you can’t be a director of a company, 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 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 volume of money. Commonly people who run their own business have debts that are business related and it can come to be really complicated, so it’s best to get 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 Mount Isa on 1300 795 575, or visit our website: www.bankruptcyexpertsmountisa.com.au.

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