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

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

Generally everyone dealing with Bankruptcy in Lismore has this concern about their job, and the answer to the question is ‘maybe’. The issue with some lines of work 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 make it difficult for you.

When it involves Bankruptcy and employment in Lismore, what I would recommend is that you do your very own research here, do the research and check that process first 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 speak with them directly and shed light on your situation. Some associations won’t have an issue with your bankruptcy just as long as it wasn’t accompanied by unethical or questionable behaviour.

If you are impacted by this area of Bankruptcy and licences, in most cases you wouldn’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your career happens to be on the checklist and you’ve talked to them but they won’t be convinced, then I ‘d recommend you seek some qualified advice. This may be just one of those unusual times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t have to exit the industry you are working in; you just have to work under another’s Licence for a while. In the building sector this is especially relevant: if you’re an electrician as an example, there is nothing stopping you teaming up with another electrician in Lismore under their Licence.

Please check out the table below, it deals with the license and company side of Bankruptcy. It’s arranged on a state by state premise, and you’ll realize 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 company, but all this really 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 company as a sole trader. There are no limitations: you can hire staff and turn over any amount of money. Usually people who run their personal business have debts that are business related and it can become extremely complicated, so it’s best to get some skilled advice instead of going it alone.

If you need 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 Lismore on 1300 795 575, or go to our website:


By | 2020-08-14T04:15:28+00:00 October 3rd, 2016|bankruptcy, blog|0 Comments

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