Going Bankrupt in Australia – Are you going to get bitten?
When people in Australia ask me about Going Bankrupt, I let them know the timeless Native American Fable of the little boy and the Rattlesnake. An old rattlesnake asks a passing young boy to carry him to the mountain top to see one last sunset before he passes away. The boy was reluctant, but the rattlesnake pledged not to bite him in exchange for the ride. They journeyed together only for the snake to eventually attack the boy despite his vow not to do so. The snake’s response was ‘You knew what I was when you picked me up.
Getting the right financial advice in Australia when it concerns Going Bankrupt is a lot like that little boy’s experience, tangled up with risk and danger, and normally skewed for the benefit of the person giving the advice. In most cases you’ll get bitten except if you know what you’ve picked up before you move forward (avoid the rattlesnakes). I discovered the problem with getting financial advice as a teenager, and it has been vital to Going Bankrupt. I’d been keeping my nose to the grindstone for a few years, and saved up a small amount of money I wanted to invest. It was the early 1980s so interest rates were quite high and investing your money was rather profitable. I spent a few years researching several investment options, and I went to visit a few financial advisors. It was obvious that they had more money than I did: they had nice suits and plush offices, they all seemed to exude confidence and have all the answers. What hit me was that they all had a very different strategy of what I should do. This confused me so much that it put me off the entire idea of picking any of them.
I’m sure by now you have read enough on the internet to be totally bewildered about Going Bankrupt and exactly what to do. It would probably be easier for me to help you understand the nature of the financial snakes you may be picking up while you are trying to get to the bottom of your financial issues in Australia. Essentially, you need to try and recognize what your overarching options are, do your own research into where to proceed with your plan for Going Bankrupt, and then approach the things you feel is best in Australia for your needs. Essentially, you have 3 options for who to turn to.
The first option is a Solicitor– This may appear like the go-to choice when you appear to be in trouble. But generally there is only so much support they can give on this matter. There are absolutely specialist legal advisors in bankruptcy, but their experience comes along with a hefty price.
Another possibility you may think of is your accountant – they are incredibly helpful and vital to the task of operating your business, but for the most part, when you are thinking about Going Bankrupt, your accountant won’t be much help to you any more.
Your best option? A Financial Counsellor that can outline debt consolidation, personal insolvency agreements, and pretty much all you need to know when it comes to Going Bankrupt.
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 speak to Bankruptcy Experts Australia on 1300 795 575, we have offices in, Brisbane, Canberra, Sunshine Coast, Sydney, Melbourne, Gold Coast, Adelaide, Perth, Darwin and Hobart. or visit our website: www.bankruptcyexperts.com.au