June 28, 20160

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

Posted by:Bankruptcy Specialist onJune 28, 2016

Essentially everyone handling bankruptcy in Cairns has this uncertainty 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 an issue of professional bodies or organizations that view bankruptcy in a dim light and can keep it difficult for you.

When it involves bankruptcy and employment in Cairns, what I would recommend is that you do your very own preparation here, do the research and check that process to start with before declaring bankruptcy – considering that this may really help you make a decision. Take a look at if your job is on the list shown below. If it is, I ‘d speak to them directly and clarify your situation. Some affiliations won’t have an issue with your bankruptcy just as long as it wasn’t accompanied by unethical or questionable behaviour.

If you are affected by this area of bankruptcy and licences, often you will likely not lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your occupation happens to be on the checklist and you’ve consulted with them but they won’t be convinced, then I ‘d suggest you seek some qualified advice. This may be one of those unique occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t have to get out of the industry you are employed in; you just have to work under another’s Licence temporarily. In the building sector this is especially useful: if you’re an electrician for instance, there is nothing stopping you teaming up with another electrician in Cairns under their Licence.

Please take a look at the table below, it deals with the license and company part of bankruptcy. It’s set up on a state by state premise, and you’ll notice that there’s a listing called “Operating a business.” Please don’t worry 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 actually means is that you must 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 company as a sole trader. There are no limitations: you can hire staff and turn over any level of money. Usually people who run their own business have debts that are business related and it can come to be really complicated, so it’s best to obtain some experienced advice as opposed to going it alone.

If you need 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 Cairns on 1300 818 575, or visit our website: www.bankruptcy-cairns.com.au.

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