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

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Essentially everyone dealing with Bankruptcy in Penrith has this particular worry about their job, and the answer to the question is ‘maybe’. The issue with some occupations 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 keep it complicated for you.
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When it involves Bankruptcy and employment in Penrith, what I would say is that you do your very own due diligence here, do the research and go through 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 shown below. If it is, I ‘d get in touch with them directly and shed light on your situation. Some affiliations won’t have an issue with your bankruptcy provided that it wasn’t accompanied by dubious or questionable behaviour.

If you are impacted by this area of Bankruptcy and licences, in most cases you won’t 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 one of those uncommon occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in most cases you don’t have to leave the industry you are working in; you just have to work under another’s Licence temporarily. In the building sector this is especially important: if you’re an electrician for example, there is nothing stopping you working with another electrician in Penrith under their Licence.

Please take a look at the table below, it deals with the license and company part of Bankruptcy. It’s arranged on a state by state premise, and you’ll notice that there’s a listing called “Operating a business.” Please don’t fret if you run your very own company. Just one of the limitations of bankruptcy is you can’t be a director of a company, but all this actually means is that you have to 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 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 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 contact with Bankruptcy Experts Penrith on 1300 795 575, or go to our website: www.bankruptcyexpertspenrith.com.au.

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