Basically everyone confronting Going Bankrupt Alice Springs has this concern about their job, and the response to the question is ‘maybe’. The problem with some professions isn’t that you cannot do the job any longer, it’s more an issue of professional bodies or associations that view bankruptcy in a dim light and can make things very difficult for you.
When it comes to Going Bankrupt and employment in Alice Springs, what I would recommend is that you do your very own prep work here, do the research and go through that process first before filing for bankruptcy simply because that may help you make a decision. Take a look at if your occupation is on the list below. If it is, I ‘d get in touch with them personally and clarify your situation. Some associations won’t have a concern with your bankruptcy as long as it wasn’t accompanied by shady or questionable behaviour.
If you are affected by this part of Going Bankrupt and licences, In many cases you won’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your profession happens to be on the list and you’ve talked with them but they won’t budge, then I ‘d recommend you seek some qualified advice. This may be among those rare occasions when I ‘d advise using a Debt Agreement or a Personal Insolvency Agreement.
Remember most of the time you don’t have to exit the business you are employed in; you just will need to work under someone else’s Licence for a time. In the building industry this is especially relevant: if you’re an electrician for example, there is nothing at all stopping you working with another electrician in Alice Springs under their Licence.
Please look at the table below, it handles the license and business side of Going Bankrupt. Its arranged 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 own company. One of the limitations of bankruptcy is you can’t be a director of a business, but all that this truly means is that you have to restructure your business.
Just for your peace of mind I’ll tell you now that you can still own and run this business as a sole trader. There are no constraints: you can employ staff and turn over any amount of money. Generally people who run their own business have debts that are business related and it can become very complicated, so it’s best to obtain some skilled advice as opposed to going it alone.
If you would like to learn more about what to do, where to turn and what questions to ask about Going Bankrupt, then feel free to call Bankruptcy Experts Alice Springs on 1300 795 575, or visit our website: http://www.bankruptcyexpertsAlice Springs.com.au.