Should I talk 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 definite No! It's not that your
accountant will not have your best interests in mind when it comes to Bankruptcy,
it's that his proficiency lie in helping you save you money at tax time,
lowering your tax liability and lodging your BAS.
Most accounting degrees will spend very
little to no time on bankruptcy, it's generally carried out as a post graduate
speciality program for those who want to work in the field. Unless your
accountant is an insolvency expert, he will not know that a lot about the
implications of Bankruptcy, I can assure you insolvency specialists know much
about tax returns or BAS in. If you do happen to find an insolvency accounting
firm in Australia, they often tend to be large firms with very nice offices who
charge accordingly.
Should I talk with 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
definitely good at undertaking things lawyers do, like helping you do your Will
and buying your house and trying to keep you out of court if you're lucky. When
it relates to Bankruptcy, the specialists in Australia usually have either a
legal or accounting background, and the reason for that is simply that you
can't start in the post graduate study to become a qualified insolvency
practitioner unless you have a law or accounting degree.
Just like there are a couple of insolvency
accounting firms, there are very few insolvency legal practices in Australia,
and yes if you choose one you will pay a hefty price for their expertise.
Should I speak to a financial counsellor
about Bankruptcy?
Yes! There are plenty of financial
counselling services to aid you through this, they have no hidden agendas and
they're an amazing option for letting you think through your situation when it
comes to Bankruptcy. If you end up freaking out constantly, not sleeping, not eating
or over-eating and thinking about money pressures continuously, then get some
help.
There are also charitable organizations
around Australia like Lifeline that offer a fantastic service. They will be a
sounding board if you just need a person to talk about with you what your
options are. Don't let your financial problem destroy your life - ultimately
it's just money.
If you wish to learn more about what to do,
where to turn and what issues to ask about Bankruptcy, then feel free to
contact Bankruptcy Experts Australia on 1300 795 575, or visit our website:
www.bankruptcyexpertsAustralia.com.au.
