Going Bankrupt in Perth – Will I lose my job if I go bankrupt?

Am I going to lose my job if I go bankrupt.JPG

Literally everyone experiencing Going Bankrupt Perth has this worry about their job, and the answer to the question is ‘maybe’. The dilemma with some occupations isn’t that you simply cannot do the job any longer, it’s more a trouble of professional bodies or associations that view bankruptcy in a dim light and can make things complicated for you.

When it comes to Going Bankrupt and employment in Perth, what I would propose is that you do your very own homework here, do the research and go through that process first before filing for bankruptcy considering that may help you decide. Check if your profession is on the list below. If it is, I ‘d speak to them directly and explain your situation. Some associations won’t have an issue with your bankruptcy so long as it wasn’t accompanied by shady or questionable behaviour.

If you are affected by this part of Going Bankrupt 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 spoken with them but they won’t budge, then I ‘d advise you seek some specialist advice. This may be among those rare occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in most cases you don’t have to exit the business you are employed in; you just need to work under another’s Licence for a time. In the building sector this is particularly relevant: if you’re an electrician for instance, there is absolutely nothing stopping you working with another electrician in Perth under their Licence.

Please check the table below, it handles the license and company side of Going Bankrupt. Its organised on a state by state premise, and you’ll find 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 business, but all this actually means is that you need 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 restrictions: you can employ staff and turn over any amount of money. Normally people who run their own business have debts that are business related and it can end up being very complicated, so it’s best to obtain some qualified 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 Going Bankrupt, then feel free to talk to Bankruptcy Experts Perth on 1300 795 575, or visit our website: http://www.bankruptcyexpertsPerth.com.au.

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