Bankruptcy in Australia – Who do I speak to?

Would I speak with my accountant about Bankruptcy?

The response seems clear doesn’t it: if anybody understands 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 accountant may not have your best interests in mind whenever it concerns Bankruptcy, it’s that his expertise lie in helping you save you money at tax time, lowering your tax liability and lodging your BAS.

A lot of accounting certifications will commit very little to no time at all on bankruptcy, it’s typically undertaken as a post graduate specialization program for those who intend to do work in the profession. Unless your accountant is a bankruptcy specialist, he would not know a great deal about the effects 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 bookkeeping firm in Australia, they have the tendency to be big organizations with very pleasant 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 definitely good at doing things lawyers do, like assisting you to create your Will and purchasing your house and trying to help keep you away from court if you’re fortunate. When it comes to Bankruptcy, the professionals in Australia typically have possibly a legal or accounting certifications, and the main reason for that is basically that you can not start off in the post graduate study to become a certified insolvency specialist unless if you possess a law or accounting degree.

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

Would I talk to a financial counsellor about Bankruptcy?

Yes! There are a lot of financial counselling services to help you through this, they have no prejudices and they’re a great choice for allowing you to evaluate your scenario when it comes to Bankruptcy. If you end up stressing constantly, not sleeping, not eating or over-eating and thinking about money strains regularly, then get some support.

There are also charitable organizations around Australia like Lifeline that give a terrific service. They will be a sounding board if you just require a person to review with you what your choices are. Do not let your financial issues destroy your life – at the end of the day, it’s just money.

If you truly want to find out more about what to do, where to turn and what problems to ask about Bankruptcy, then don’t hesitate to get in touch with Bankruptcy Advice on 1300 879 867, or visit our website: