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

Basically everyone handling Bankruptcy in Sydney has this fear 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 institutions that view bankruptcy in a dim light and can keep it difficult for you.
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When it involves Bankruptcy and employment in Sydney, what I would recommend is that you do your own homework here, do the research and go through that process to start with before declaring bankruptcy – considering that this may really help you make a decision. Take a look at if your job is on the list in this article. If it is, I ‘d contact them directly and straighten out 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, often you will 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 contacted them but they won’t be convinced, then I ‘d recommend you seek some qualified advice. This may be just one of those unique occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in most cases you don’t need to get out of the industry you are working in; you just need to work under another’s Licence for a while. In the building sector this is especially relevant: if you’re an electrician for instance, there is nothing stopping you teaming up with another electrician in Sydney under their Licence.

Please take a look at the table below, it deals with the license and company part of Bankruptcy. It’s set up on a state by state premise, and you’ll notice that there’s a listing called “Operating a business.” Please don’t worry 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 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. Usually people who run their own business have debts that are business related and it can become very complicated, so it’s best to obtain 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 Experts Sydney on 1300 795 575, or visit our website: www.bankruptcyexpertssydney.com.au