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

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

Basically everyone dealing with Bankruptcy in Alice Springs has this particular anxiety 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 Alice Springs, what I would advise is that you do your own homework here, do the research and look at that process to start with before declaring bankruptcy – considering that this may help you make a decision. Take a look at if your job is on the list listed here. If it is, I ‘d speak to them directly and clarify your situation. Some affiliations won’t have an issue with your bankruptcy provided that 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 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 gotten in touch with them but they won’t be convinced, then I ‘d suggest you seek some qualified advice. This may be 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 leave the industry you are working 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 Alice Springs under their Licence.

Please take a look at the table below, it deals with the license and company part of Bankruptcy. It’s laid out 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 can still own and run this company 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 quite complicated, so it’s best to get some skilled advice as opposed to 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 touch with Bankruptcy Experts Alice Springs on 1300 795 575, or visit our website: www.bankruptcyexpertsalicesprings.com.au.

By | 2016-10-03T02:59:22+00:00 October 3rd, 2016|blog, brankrupt|0 Comments

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