Pretty much everyone confronting Going Bankrupt Canberra has this concern about their job, and the response to the question is ‘maybe’. The problem with some occupations isn’t that you cannot do the job any longer, it’s more an issue of professional bodies or associations that view bankruptcy in a dim light and can keep it tough for you.
When it comes to Going Bankrupt and employment in Canberra, what I would suggest is that you do your own preparation here, do the research and go through that process first before declaring bankruptcy because that may help you make a decision. Check if your job is on the list below. If it is, I ‘d consult with them directly and explain your situation. Some groups won’t have a problem with your bankruptcy provided that it wasn’t accompanied by shady or questionable behaviour.
If you are affected by this part of Going Bankrupt and licences, In many 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 spoken to them but they won’t budge, then I ‘d suggest you seek some professional advice. This may be one of those rare occasions when I ‘d suggest using a Debt Agreement or a Personal Insolvency Agreement.
Remember most of the time you don’t need to exit the industry you are employed in; you just need to work under someone else’s Licence for a time. In the building sector this is particularly relevant: if you’re an electrician for example, there is very little stopping you working for another electrician in Canberra under their Licence.
Please check out the table below, it handles the license and company side of Going Bankrupt. Its organised on a state by state basis, and you’ll realize that there’s a listing called “Operating a business.” Please don’t worry if you run your own company. Among the limitations of bankruptcy is you can’t be a director of a business, but all that this actually means is that you have to restructure your business.
Just for your peace of mind I’ll tell you now that you can still own and run the business as a sole trader. There are no restrictions: you can recruit staff and turn over any amount of money. Typically people who run their own business have debts that are business related and it can become very complicated, so it’s best to obtain some qualified advice rather than going it alone.
If you would like to learn more about what to do, where to turn and what questions to ask about Going Bankrupt, then feel free to get in touch with Bankruptcy Advice Canberra on 1300 879 867, or visit our website: http://www.bankruptcy-advice.com.au/Canberra .
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