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

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

Ultimately everyone handling Bankruptcy in Coffs Harbour has this particular worry about their job, and the answer to the question is ‘maybe’. The problem with some lines of work 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 complicated for you.

When it involves Bankruptcy and employment in Coffs Harbour, what I would recommend is that you do your very own preparation here, do the research and check that process first before declaring bankruptcy – considering that this may really help you decide. Check to see if your job is on the list in this article. If it is, I ‘d consult with them directly and clarify your situation. Some affiliations won’t have a problem with your bankruptcy just as long as it wasn’t accompanied by unscrupulous or questionable behaviour.

If you are impacted by this area of Bankruptcy and licences, in most cases you won’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your profession 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 one of those unique times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in most cases you don’t have to exit 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 useful: if you’re an electrician for example, there is nothing stopping you collaborating with another electrician in Coffs Harbour under their Licence.

Please take a look at the table below, it deals with the license and company part of Bankruptcy. It’s arranged 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 very own company. Just one of the limitations of bankruptcy is you can’t be a director of a business, but all this actually means is that you must 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 amount of money. Generally people who run their personal business have debts that are business related and it can come to be truly complicated, so it’s best to get some skilled 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 contact with Bankruptcy Experts Coffs Harbour on 1300 795 575, or visit our website:

By | 2020-08-14T02:39:53+00:00 October 3rd, 2016|Bankrupt, Liquidation|0 Comments

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