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

Essentially everyone facing Bankruptcy in Gold Coast has this particular uncertainty about their job, and the answer to the question is ‘maybe’. The concern with some jobs 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 complicated for you.
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When it involves Bankruptcy and employment in Gold Coast, what I would recommend is that you do your own preparation here, do the research and go through that process to start with before declaring bankruptcy – considering that this may help you make a decision. Look at if your job is on the list listed here. If it is, I ‘d reach out to them directly and clear up your situation. Some associations won’t have an issue with your bankruptcy just as long as it wasn’t accompanied by underhanded or questionable behaviour.

If you are affected by this area of Bankruptcy and licences, in many cases you will likely not 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 suggest you seek some qualified advice. This may be just one of those uncommon occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t need to get out of 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 useful: if you’re an electrician for instance, there is nothing stopping you partnering with another electrician in Gold Coast under their Licence.

Please check out the table below, it deals with the license and company aspect of Bankruptcy. It’s set up on a state by state premise, and you’ll discover that there’s a listing called “Operating a business.” Please don’t stress 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 must 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 level of money. Typically people who run their own business have debts that are business related and it can come to be extremely complicated, so it’s best to get some skilled advice instead of 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 touch with Bankruptcy Experts Gold Coast on 1300 795 575, or go to our website: www.bankruptcyexpertsgoldcoast.com.au.

By | 2016-10-03T02:32:09+00:00 October 3rd, 2016|bankruptcy, Blog|0 Comments

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