Blog

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

Essentially everyone dealing with Bankruptcy in Cairns has this fear about their job, and the answer to the question is ‘maybe’. The concern with some occupations 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 difficult for you.
badjobinterview

When it involves Bankruptcy and employment in Cairns, what I would recommend is that you do your own investigation here, do the research and look at that process to start with before declaring bankruptcy – considering that this may help you make a decision. Look at if your job is on the list listed below. If it is, I ‘d get in touch with them directly and shed light on your situation. Some affiliations won’t have an issue with your bankruptcy provided that it wasn’t accompanied by scandalous 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 profession happens to be on the checklist and you’ve talked to them but they won’t be convinced, then I ‘d suggest you seek some qualified advice. This may be just one of those uncommon times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in most cases you don’t have to exit the industry you are employed in; you just have to work under another’s Licence for a time. In the building sector this is especially important: if you’re an electrician as an example, there is nothing stopping you partnering with another electrician in Cairns under their Licence.

Please check out the table below, it deals with the license and company aspect of Bankruptcy. It’s arranged on a state by state premise, and you’ll notice that there’s a listing called “Operating a business.” Please don’t fret if you run your 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 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 own business have debts that are business related and it can come to be quite complicated, so it’s best to get some experienced 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 Bankruptcy, then feel free to get in touch with Bankruptcy Experts Cairns on 1300 795 575, or visit our website: www.bankruptcyexpertscairns.com.au.

About Us

We have been assisting individuals and businesses file for bankruptcy in Cairns for several years. If you would like a no obligation consultation, simply give us a ring on 1300 795 575. We are really competitively priced, offering a total bankruptcy service from $395 for the entire 3 years you are in bankruptcy.