Bankruptcy in Australia - Are you going to get bitten?

When people in Australia ask me about Bankruptcy, I let them know the simple 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 discover one last sunset before he passes away. The boy was hesitant, but the rattlesnake vowed not to bite him in exchange for the ride. They travelled together only for the snake to in the end bite the boy despite his vow not to do so. The snake's reply was 'You knew what I was when you picked me up.

Asking for the right financial advice in Australia when it pertains to Bankruptcy is a whole lot like that little boy's experience, fraught with risk and danger, and usually skewed for the benefit of the individual providing the advice. In many cases you'll get bitten unless you know what you've picked up before you move forward (avoid the rattlesnakes). I learned the problem with receiving financial advice as a teenager, and it has been vital to Bankruptcy. I'd been working hard 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 very high and investing your money was rather profitable. I spent some time researching many different investment options, and I went to visit a few financial advisors. It was obvious that they had more money than I did: they had great suits and plush offices, they all seemed to exude confidence and have all the solutions. What struck me was that they all had a really different strategy of what I should do. This confused me a lot that it put me off the whole idea of opting for any of them.

I'm sure currently you have read enough on the internet to be totally unclear about Bankruptcy and precisely what to do. It would probably be easier for me to help you learn about the nature of the financial snakes you could be grabbing while you are attempting to get to the bottom of your financial concerns in Australia. Basically, you have to try and recognize what your overarching options are, do your own research into where to proceed with your plan for Bankruptcy, and then approach what you feel is best in Australia for your needs. Basically, you have 3 options for who to turn to.

The first option is a Solicitor - This may feel like the go-to choice when you appear to be in trouble. But certainly there is only just so much assistance they can give on this matter. There are certainly specialist legal advisors in bankruptcy, but their knowledge comes with a hefty price.

Another possibility you may think about is your accountant - they are incredibly helpful and vital to the task of running your business, but for the most part, when you are considering Bankruptcy, your accountant won't be much help to you any more.

Your best choice? A Financial Counsellor that can talk about debt consolidation, personal insolvency agreements, and basically all you should understand when it comes to Bankruptcy.

If you want to find out more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to contact Bankruptcy Experts Australia on 1300 795 575, or visit our website: bankruptcyexpertsAustralia.com.au.