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

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

Generally speaking everyone dealing with Bankruptcy in Hobart has this concern about their job, and the answer to the question is ‘maybe’. The trouble with some jobs 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 Hobart, what I would suggest is that you do your own due diligence here, do the research and look at that process to start with before declaring bankruptcy – considering that this may help you decide. Take a look at if your job is on the list shown below. If it is, I ‘d speak with them directly and clarify your situation. Some associations won’t have a problem with your bankruptcy just as long as it wasn’t accompanied by underhanded or questionable behaviour.

If you are impacted by this area of Bankruptcy and licences, often 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 consulted with them but they won’t budge, then I ‘d recommend you seek some qualified advice. This may be one of those unusual occasions 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 have to work under another’s Licence for a while. In the building sector this is especially important: if you’re an electrician for instance, there is nothing stopping you teaming up with another electrician in Hobart under their Licence.

Please check out the table below, it deals with the license and company aspect of Bankruptcy. It’s prepared on a state by state premise, and you’ll notice 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 can still own and run this business as a sole trader. There are no limitations: you can hire staff and turn over any volume of money. Generally people who run their own business have debts that are business related and it can come to be very complicated, so it’s best to get some skilled advice instead of going it alone.

If you want 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 Hobart on 1300 795 575, or visit our website: www.bankruptcyexpertshobart.com.au.

By | 2016-10-03T02:11:17+00:00 October 3rd, 2016|Bankrupt, blog|0 Comments

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