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

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

Generally speaking everyone coping with Bankruptcy in Gosford has this particular worry about their job, and the answer to the question is ‘maybe’. The concern with some professions 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 difficult for you.
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When it involves Bankruptcy and employment in Gosford, what I would advise 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 make a decision. Take a look at if your job is on the list listed here. If it is, I ‘d contact them directly and clear up your situation. Some associations won’t have a problem with your bankruptcy just as long as it wasn’t accompanied by shady or questionable behaviour.

If you are affected 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 profession happens to be on the checklist and you’ve contacted them but they won’t be convinced, then I ‘d recommend you seek some qualified advice. This may be one of those rare times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in most cases you don’t need 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 important: if you’re an electrician for example, there is nothing stopping you working with another electrician in Gosford 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 notice that there’s a listing called “Operating a business.” Please don’t stress 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 need to 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. Usually people who run their own business have debts that are business related and it can become truly complicated, so it’s best to get some experienced advice rather than 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 Gosford on 1300 795 575, or visit our website: www.bankruptcyexpertsgosford.com.au.

By | 2016-10-03T02:44:29+00:00 October 3rd, 2016|Bankruptcy, Blog|0 Comments

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