Bankruptcy in Australia – Who do I talk to?

Would I talk to my accountant about Bankruptcy?

Bankruptcy Australia, Bankrupt, Bankruptcy Act, Insolvency, How to File for BankruptcyThe answer seems clear doesn’t it: if anybody knows your financial situation well in Australia, It’s going to be your accountant. However, the short answer is a definite No! It’s not that your financial advisor may not have your best interests in mind when it comes to Bankruptcy, it’s that his knowledge lies in assisting you save you money at tax time, reducing your tax liability and lodging your BAS.

A lot of accounting certifications will dedicate hardly any to no time at all on bankruptcy, it’s typically undertaken as a post graduate specialized program for those who plan to operate in the industry. Unless your financial advisor is an insolvency professional, he would certainly not know a lot about the impacts of Bankruptcy. I can assure you bankruptcy specialists don’t know a lot about tax returns or BAS. If you do happen to identify an insolvency accounting firm in Australia, they have the inclination to be big organizations with very nice offices who charge accordingly.

Would I talk with my Solicitor about Bankruptcy?

No! You can speak with your solicitor in Australia but more than likely it won’t do you much good. Solicitors are certainly proficient at accomplishing things lawyers do, like supporting you to do your Will and purchasing your house and attempting to keep you away from court if you’re lucky. When it comes to Bankruptcy, the specialists in Australia normally have possibly a legal or accounting certifications, and the main explanation for that is merely that you can’t start in the post graduate study to become a qualified bankruptcy specialist unless if you have a law or accounting degree.

Just as there are a handful of bankruptcy accountancy agencies, certainly there are few insolvency legal practices in Australia, and yes if you locate one you will pay an adequate price for their proficiency.

Should I talk with a financial counsellor about Bankruptcy?

Yes! There are a great deal of financial counselling services to help you through this, they possess no hidden agendas and they’re a great option for allowing you to analyze your situation when it comes to Bankruptcy. If you end up stressing out constantly, not sleeping, not eating or over-eating and thinking of money tensions frequently, then obtain some help.

There are also charitable organizations around Australia like Lifeline that supply an outstanding service. They will certainly be a sounding board if you simply need a person to review with you what your options are. Do not let your financial difficulties destroy your life – at the end of the day, it’s just money.

If you really want to learn more about what to do, where to turn and what troubles to ask about Bankruptcy, then don’t hesitate to get in touch with Bankruptcy Experts on 1300 795 575, or visit our website:

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