Generally speaking everyone facing Bankruptcy in Townsville 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 an issue of professional bodies or institutions that view bankruptcy in a dim light and can make it difficult for you.
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When it involves Bankruptcy and employment in Townsville, what I would recommend is that you do your very own due diligence 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 in this article. 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 just as long as it wasn’t accompanied by unethical 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 line of work happens to be on the checklist and you’ve talked to them but they won’t be convinced, then I ‘d recommend you seek some qualified advice. This may be one of those uncommon occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t need to get out of the industry you are working 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 for instance, there is nothing stopping you teaming up with another electrician in Townsville under their Licence.

Please take a look at the table below, it deals with the license and company aspect of Bankruptcy. It’s prepared 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 very 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 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 company as a sole trader. There are no limitations: you can hire staff and turn over any volume of money. Commonly 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 as opposed to 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 Experts Townsville on 1300 795 575, or check out our website: www.bankruptcyexpertstownsville.com.au.