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

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

Ultimately everyone dealing with Bankruptcy in Darwin has this particular uncertainty about their job, and the answer to the question is ‘maybe’. The problem with some jobs 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.
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When it involves Bankruptcy and employment in Darwin, what I would advise is that you do your own homework here, do the research and go through that process first before declaring bankruptcy – considering that this may help you decide. Take a look at if your job is on the list shown below. If it is, I ‘d reach out to them directly and shed light on your situation. Some associations won’t have a problem with your bankruptcy just as long as it wasn’t accompanied by shifty or questionable behaviour.
If you are impacted by this area of Bankruptcy and licences, often you wouldn’t 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 budge, then I ‘d recommend you seek some qualified advice. This may be one of those rare times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.
Remember in most cases you don’t need to exit the industry you are employed in; you just need to work under another’s Licence temporarily. In the building sector this is especially relevant: if you’re an electrician for instance, there is nothing stopping you partnering with another electrician in Darwin under their Licence.
Please look at the table below, it deals with the license and company aspect of Bankruptcy. It’s organized on a state by state premise, and you’ll notice 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 company, but all this really means is that you need to 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 business as a sole trader. There are no limitations: you can hire staff and turn over any volume of money. Commonly people who run their personal business have debts that are business related and it can become incredibly complicated, so it’s best to obtain some skilled advice as opposed to 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 Darwin on 1300 795 575, or check out our website: www.bankruptcyexpertsdarwin.com.au.

 

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