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

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

Basically everyone coping with Bankruptcy in Tamworth has this particular uncertainty 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 Tamworth, what I would say is that you do your own investigation here, do the research and look at that process first before declaring bankruptcy – considering that this may help you decide. Look at if your job is on the list listed here. If it is, I ‘d speak with them directly and straighten out your situation. Some affiliations won’t have a problem with your bankruptcy just as long as it wasn’t accompanied by shady 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 contacted them but they won’t be convinced, then I ‘d recommend 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 employed in; you just need to work under another’s Licence for a time. In the building sector this is especially relevant: if you’re an electrician for instance, there is nothing stopping you working with another electrician in Tamworth under their Licence.

Please take a look at the table below, it deals with the license and company aspect of Bankruptcy. It’s arranged on a state by state premise, and you’ll discover that there’s a listing called “Operating a business.” Please don’t fret 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 in fact 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 company as a sole trader. There are no limitations: you can hire staff and turn over any volume of money. Typically people who run their own business have debts that are business related and it can come to be quite complicated, so it’s best to obtain some skilled advice as opposed to 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 Tamworth on 1300 795 575, or visit our website: www.bankruptcyexpertstamworth.com.au.

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