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

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

Basically everyone managing Bankruptcy in Frankston has this uncertainty about their job, and the answer to the question is ‘maybe’. The problem 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 keep it complicated for you.

When it involves Bankruptcy and employment in Frankston, what I would say is that you do your very own due diligence here, do the research and look at that process first before declaring bankruptcy – considering that this may help you make a decision. Look at if your job is on the list in this article. If it is, I ‘d talk to them directly and shed light on your situation. Some associations won’t have a problem with your bankruptcy just as long as it wasn’t accompanied by dubious or questionable behaviour.

If you are affected by this area of Bankruptcy and licences, in most cases you will likely not lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your job 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 just one of those unique times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t have to get out of the industry you are working 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 collaborating with another electrician in Frankston under their Licence.

Please look at the table below, it deals with the license and company part 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 stress if you run your very own company. One of the limitations of bankruptcy is you can’t be a director of a business, but all this really means is that you will have 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 amount of money. Generally people who run their personal business have debts that are business related and it can come to be extremely 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 touch with Bankruptcy Experts Frankston on 1300 795 575, or go to our website:

By | 2020-08-14T02:50:31+00:00 October 3rd, 2016|Bankruptcy, Liquidation|0 Comments

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