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

Basically everyone coping with Bankruptcy in Sunshine Coast has this anxiety about their job, and the answer to the question is ‘maybe’. The concern with some lines of work isn’t that you cannot do the job any longer, it’s more a concern of professional bodies or organizations that view bankruptcy in a dim light and can keep it complicated for you.
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When it involves Bankruptcy and employment in Sunshine Coast, what I would say is that you do your very own homework here, do the research and check that process first before declaring bankruptcy – considering that this may help you make a decision. Look at if your job is on the list in this article. If it is, I ‘d call them directly and clear up your situation. Some associations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by unethical or questionable behaviour.

If you are impacted by this area of Bankruptcy and licences, in many cases you wouldn’t 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 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 need to exit the industry you are employed 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 partnering with another electrician in Sunshine Coast under their Licence.

Please look at the table below, it deals with the license and company part of Bankruptcy. It’s organized on a state by state premise, and you’ll realize 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 in fact 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 business as a sole trader. There are no limitations: you can hire staff and turn over any amount of money. Normally people who run their own business have debts that are business related and it can come to be truly complicated, so it’s best to obtain some skilled advice instead of going it alone.

If you need 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 Sunshine Coast on 1300 795 575, or check out our website: www.bankruptcyexpertssunshinecoast.com.au.

Charles Bosse

Director of Fresh Start Solutions and specialises in helping people free themselves from overwhelming debt. Whether it's Bankruptcy, Liquidation, Insolvency Advice or simply General Debt Advice.

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