Should I speak to my accountant about Bankruptcy?
The answer seems obvious doesn't it: if
anyone knows your financial situation well in Australia, It's going to be your
accountant. However, the short answer is a resounding No! It's not that your
accountant may not have your best interests at heart when it comes to Bankruptcy,
it's that his knowledge lie in helping you save you money at tax time, lowering
your tax liability and lodging your BAS.
Most accounting degrees will devote very
little to no time on insolvency, it's generally performed as a post graduate
speciality course for those who wish to work in the field. Unless your
accountant is an insolvency specialist, he wouldn't know that a lot about the
implications of Bankruptcy, I can guarantee you insolvency specialists know
much about tax returns or BAS in. If you do manage to find an insolvency
accounting firm in Australia, they tend to be large firms with very nice
offices who charge accordingly.
Should I speak to my Solicitor about Bankruptcy?
No! You can speak to your solicitor in
Australia but more than likely it won't do you much good. Solicitors are
certainly good at undertaking things lawyers do, like assisting you do your
Will and buying your house and keeping you out of court if you're lucky. When
it relates to Bankruptcy, the specialists in Australia have the tendency to
have either a legal or accounting experience, and the reason for that is simply
that you can't enrol in the post graduate study to become a qualified
insolvency practitioner unless you have a law or accounting degree.
Just as there are a couple of insolvency
accounting firms, there are very few insolvency legal practices in Australia,
and yes if you find one you will pay a considerable price for their expertise.
Should I speak to a financial counsellor
about Bankruptcy?
Yes! There are a lot of financial
counselling services to guide you with this, they have no hidden agendas and
they're a splendid option for helping you think through your situation when it
comes to Bankruptcy. If you find yourself stressing constantly, not sleeping,
not eating or over-eating and thinking about money pressures constantly, then
get some help.
There are also charities around Australia
like Lifeline that offer a wonderful service. They will be a sounding board if
you just need somebody to talk about with you what your possibilities are.
Don't let your financial issue destroy your life - ultimately it's just money.
If you wish to learn more about what to do,
where to turn and what points to ask about Bankruptcy, then feel free to
contact Bankruptcy Experts Australia on 1300 795 575, or visit our website:
www.bankruptcyexperts.com.au
