Bankruptcy in Toowoomba – Am I going to lose my job if I go bankrupt?
10
October
2016

Basically everyone managing Bankruptcy in Toowoomba has this fear about their job, and the answer to the question is ‘maybe’. The problem with some lines of work 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.
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When it involves Bankruptcy and employment in Toowoomba, what I would suggest is that you do your very own due diligence here, do the research and check that process first before declaring bankruptcy – considering that this may help you make a decision. Check to see if your job is on the list below. If it is, I ‘d consult with them directly and clarify your situation. Some affiliations won’t have an issue with your bankruptcy provided that it wasn’t accompanied by shady or questionable behaviour.

If you are affected by this area of Bankruptcy 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 career happens to be on the checklist and you’ve consulted with them but they won’t budge, then I ‘d recommend you seek some qualified advice. This may be just one of those rare occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

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

Please look at the table below, it deals with the license and company part of Bankruptcy. It’s organized 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 own company. Just one of the limitations of bankruptcy is you can’t be a director of a business, but all this in fact means is that you must restructure your business.

Simply for your peace of mind I’ll tell you now that you can 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. Normally people who run their personal business have debts that are business related and it can come to be quite complicated, so it’s best to get some experienced 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 touch with Bankruptcy Experts Toowoomba on 1300 795 575, or go to our website: www.bankruptcyexpertstoowoomba.com.au.

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