Basically everyone coping with Bankruptcy in Melbourne has this particular fear about their job, and the answer to the question is ‘maybe’. The issue with some occupations isn’t that you cannot do the job any longer, it’s more a concern of professional bodies or organizations that view bankruptcy in a dim light and can keep it complicated for you.
When it involves Bankruptcy and employment in Melbourne, what I would advise is that you do your own homework here, do the research and look at 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 reach out to them directly and shed light on your situation. Some affiliations won’t have an issue with your bankruptcy just as long as it wasn’t accompanied by dishonest or questionable behaviour.
If you are impacted by this area of Bankruptcy and licences, in many cases you will likely not lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your line of work 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 unique 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 working in; you just have to work under another’s Licence for a while. In the building sector this is especially important: if you’re an electrician as an example, there is nothing stopping you teaming up with another electrician in Melbourne under their Licence.
Please check out the table below, it deals with the license and company side 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 worry 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 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 volume of money. Usually 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 wish 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 Melbourne on 1300 795 575, or go to our website: www.bankruptcymelbourne.com.au.