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

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

Essentially everyone facing Bankruptcy in Mackay has this particular uncertainty about their job, and the answer to the question is ‘maybe’. The problem with some professions isn’t that you cannot do the job any longer, it’s more an issue of professional bodies or institutions that view bankruptcy in a dim light and can keep it difficult for you.

When it involves Bankruptcy and employment in Mackay, what I would suggest is that you do your very own preparation here, do the research and go through that process first before declaring bankruptcy – considering that this may really help you make a decision. Check to see if your job is on the list listed here. If it is, I ‘d speak with them directly and shed light on your situation. Some affiliations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by unethical 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 career happens to be on the checklist and you’ve gotten in touch with them but they won’t budge, then I ‘d recommend you seek some qualified advice. This may be one of those unique times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in most cases you don’t need to leave the industry you are employed in; you just need to work under another’s Licence for a time. In the building sector this is especially relevant: if you’re an electrician as an example, there is nothing stopping you working with another electrician in Mackay 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 discover 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 in fact 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. Commonly people who run their personal business have debts that are business related and it can become truly complicated, so it’s best to obtain some skilled 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 Bankruptcy, then feel free to get in contact with Bankruptcy Experts Mackay on 1300 795 575, or go to our website:

By | 2016-10-03T01:46:31+00:00 October 3, 2016|bankruptcy, blog|