Should I consult with 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 will not have your best interests at heart when it comes to Bankruptcy,
it's that his abilities lie in helping you save you money at tax time,
minimizing your tax liability and lodging your BAS.
Most accounting degrees will put in hardly
any to no time on bankruptcy, it's generally performed as a post graduate
specialty program for those who intend to work in the field. Unless your
accountant is an insolvency specialist, he would not know that a lot about the
effects of Bankruptcy, I can guarantee 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 office
spaces who charge accordingly.
Should I talk 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 really
good at doing things lawyers do, like assisting 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 typically 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 except
if 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 choose one you will pay a hefty price for their expertise.
Should I talk to a financial counselor 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 really helping you 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 pressures constantly, then get some
help.
There are also charities around Australia
like Lifeline that offer a terrific service. They will be a sounding board if
you just need someone to talk about with you what your options are. Don't let
your financial issue destroy your life - in the end it's just money.
If you like to learn more about what to do,
where to turn and what matters to ask about Bankruptcy, then feel free to call
Bankruptcy Advice Australia on 1300 879 867, or visit our website:
www.bankruptcy-advice.com.au
