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

Home/bankrupt, blog/Bankruptcy in Adelaide – Am I going to lose my job if I go bankrupt?

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

Generally speaking everyone handling Bankruptcy in Adelaide has this particular distress about their job, and the answer to the question is ‘maybe’. The concern with some jobs isn’t that you cannot do the job any longer, it’s more a concern of professional bodies or institutions that view bankruptcy in a dim light and can make it complicated for you.

When it involves Bankruptcy and employment in Adelaide, what I would suggest is that you do your own homework here, do the research and look at that process first before declaring bankruptcy – considering that this may really help you make a decision. Look at if your job is on the list in this article. If it is, I ‘d contact them directly and straighten out your situation. Some associations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by shady or questionable behaviour.

If you are impacted by this area of Bankruptcy and licences, in many cases you will 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 recommend you seek some qualified advice. This may be just one of those uncommon occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in most cases you don’t have to get out of the industry you are employed in; you just need 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 partnering with another electrician in Adelaide under their Licence.

Please look at the table below, it deals with the license and company part of Bankruptcy. It’s laid out 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 business, but all this actually means is that you 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 business 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 become extremely complicated, so it’s best to get some experienced advice as opposed to going it alone.

If you wish 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 Adelaide on 1300 795 575, or go to our website:

By | 2020-08-17T01:20:01+00:00 October 3rd, 2016|bankrupt, blog|0 Comments

About the Author: