Bankruptcy in Australia and how to avoid getting bitten.
When people in Australia talk to me about Bankruptcy, I love telling them about the classic Native American Myth of the small boy and the Rattlesnake. An old rattlesnake implores a passing young boy to take him to the mountain peak to see one last sunset before he passes away. The boy was unsure, but the rattlesnake vowed not to bite him in exchange for the ride. They travelled together only for the snake to ultimately bite the boy despite his promise not to bite him so. The snake’s reaction was ‘You knew what I was when you picked me up.’ – Now it is a tale that is also known as the Scorpion and the Toad, and by many other names, but the message is the same – know what you are getting before you pick it up.
Securing the right financial help in Australia with Bankruptcy is a whole lot like that small boy’s journey, chock full of risk and danger, and usually skewed for the benefit of the person supplying the advice. In most cases you’ll get bitten unless you know what you have indeed picked up long before you continue (steer clear of the rattlesnakes). I learned the complication with getting financial advice as a young adult, and it has actually been crucial to Bankruptcy. I ‘d been working hard for a couple of years, and saved up a modest sum of money I chose to invest. It was the early 1980s so interest rates were actually fairly high and investing your money was quite financially rewarding. I spent a few years looking into various investment possibilities, and I went to check out a few financial advisors. It was very clear that they had a lot more money than I did: they had good suits and elegant offices, they all seemed to project confidence and have all the answers. What hit me was that they all had a really different concept of just what I should do. This puzzled me so much that it put me off the whole idea of going with any of them.
I’m sure that you have learnt more than enough online to be totally puzzled about Bankruptcy and precisely what to do. It would most likely be simpler for me to help you comprehend the nature of the financial snakes you might be grasping while you are attempting to get to the bottom of your financial issues in Australia. Generally, you have to try and determine what your overarching alternatives are, do your very own investigation into where to push on with your plan for Bankruptcy, then approach what you feel is best in Australia for your needs. Basically, you have 3 choices 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 certainly there is only so much support they can give on this matter. There are certainly specialist legal experts in bankruptcy, but their experience comes along with a hefty price.
Another option you may think of is your accountant– they are very helpful and vital to the program of managing your business, but for the most part, when you are thinking about Bankruptcy, your accountant won’t be much support to you any longer.
Your best choice? A Financial Counsellor that can detail debt consolidation, personal insolvency agreements, and more or less all you need to know when it involves Bankruptcy.
If you want to learn more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to speak with Bankruptcy Experts on 1300 795 575, or check out our website: www.bankruptcyexperts.com.au.