Simply speaking everyone handling Bankruptcy in Port Stephens has this fear 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 a concern 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 Port Stephens, what I would recommend is that you do your own preparation here, do the research and check that process to start with before declaring bankruptcy – considering that this may help you decide. Take a look at if your job is on the list below. If it is, I ‘d reach out to them directly and straighten out your situation. Some affiliations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by unethical or questionable behaviour.

If you are affected by this area of Bankruptcy and licences, in most cases you wouldn’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your profession happens to be on the checklist and you’ve contacted them but they won’t budge, then I ‘d recommend you seek some qualified advice. This may be one of those unique occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in most cases you don’t have to leave the industry you are employed in; you just have to work under another’s Licence for a time. In the building sector this is especially useful: if you’re an electrician for example, there is nothing stopping you working with another electrician in Port Stephens under their Licence.

Please take a look at the table below, it deals with the license and company side of Bankruptcy. It’s set up on a state by state premise, and you’ll discover that there’s a listing called “Operating a business.” Please don’t fret if you run your very own company. One of the limitations of bankruptcy is you can’t be a director of a company, but all this really means is that you have 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 amount of money. Typically people who run their personal business have debts that are business related and it can come to be incredibly complicated, so it’s best to obtain some skilled advice as opposed to going it alone.

If you need 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 Port Stephens on 1300 795 575, or go to our website:

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