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

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

For the most part everyone handling Bankruptcy in Parramatta has this particular concern 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 difficult for you.

When it involves Bankruptcy and employment in Parramatta, what I would say is that you do your own research here, do the research and go through that process first before declaring bankruptcy – considering that this may really help you decide. Look at if your job is on the list shown below. If it is, I ‘d speak with them directly and shed light on your situation. Some associations won’t have a problem with your bankruptcy just as long as it wasn’t accompanied by suspicious or questionable behaviour.

If you are affected 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 job happens to be on the checklist and you’ve gotten in touch with them but they won’t budge, then I ‘d suggest you seek some qualified advice. This may be just one of those unique times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t have to exit the industry you are working in; you just have to work under another’s Licence temporarily. In the building sector this is especially useful: if you’re an electrician as an example, there is nothing stopping you partnering with another electrician in Parramatta under their Licence.

Please look at the table below, it deals with the license and company side of Bankruptcy. It’s set up 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 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 level of money. Commonly people who run their personal business have debts that are business related and it can become truly complicated, so it’s best to obtain some skilled advice rather than 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 Parramatta on 1300 795 575, or go to our website: www.bankruptcyexpertsparramatta.com.au.

By | 2017-10-13T02:18:51+00:00 October 3rd, 2016|Bankruptcy, Liquidation|0 Comments

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