Bankruptcy Advice in Australia – Will I lose my job if I go bankrupt?

Basically everyone experiencing Bankruptcy Advice in Australia has this worry about their job, and the answer to the question is ‘maybe’. The challenge with some professions isn’t that you simply cannot do the job any longer, it’s more a problem of professional bodies or associations that view bankruptcy in a dim light and can make it difficult for you.

When it comes to Bankruptcy Advice and employment in Australia, what I would propose is that you do your very own homework here, do the research and go through that process first before filing for bankruptcy considering that may help you make a decision. Check if your job is on the list below. If it is, I ‘d talk to them personally and discuss your situation. Some organizations won’t have a concern with your bankruptcy provided that it wasn’t accompanied by shady or questionable behaviour.

If you are affected by this area of Bankruptcy Advice 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 occupation happens to be on the checklist and you’ve spoken with them but they won’t budge, then I ‘d advise you seek some expert advice. This may be among those rare occasions when I ‘d advise using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t need to exit the business you are employed in; you just will need to work under another’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 Australia under their Licence.

Please check the table below, it deals with the license and company side of Bankruptcy Advice. Its arranged on a state by state basis, and you’ll see that there’s a listing called “Operating a business.” Please don’t stress if you run your own company. Some of the limitations of bankruptcy is you can’t be a director of a business, but all this truly means is that you need to restructure your business.

Just for your peace of mind I’ll tell you now that you can still own and run the business as a sole trader. There are no constraints: you can recruit staff and turn over any amount of money. Normally people who run their own business have debts that are business related and it can come to be very complicated, so it’s best to get some specialist advice rather than going it alone.

If you would like to learn more about what to do, where to turn and what questions to ask about Bankruptcy Advice, then feel free to call Bankruptcy Advice Australia on 1300 879 867, we have offices in, Brisbane, Canberra, Sunshine Coast, Sydney, Melbourne, Gold Coast, Adelaide, Perth, Darwin and Hobart. or visit our website:


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