Bankruptcy in Australia - Are you going to get bitten?

When people in Australia ask me about Bankruptcy, I let them know the timeless 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 view one last sunset before he dies. 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 assurance not to do so. The snake's reply was 'You knew what I was when you picked me up.

Acquiring the right financial advice in Australia when it pertains to Bankruptcy is a great deal like that little boy's experience, fraught with risk and danger, and normally skewed for the benefit of the person giving the advice. Often you'll get bitten unless you know what you've picked up before you move forward (avoid the rattlesnakes). I learned the problem with obtaining financial advice as a teenager, and it has been fundamental to Bankruptcy. I'd been keeping my nose to the grindstone 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 fairly high and investing your money was rather profitable. I spent a long time researching diverse investment options, and I went to visit a few financial advisors. It was transparent 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 answers. What struck me was that they all had a very different idea of what I should do. This frustrated me so much that it put me off the entire idea of picking any of them.

I'm sure currently you have read enough on the internet to be totally puzzled about Bankruptcy and just what to do. It would most likely be easier for me to help you understand the nature of the financial snakes you could be grabbing while you are attempting to get to the bottom of your financial issues in Australia. Basically, you need to try and figure out what your overarching alternatives are, do your very own research into where to proceed with your plan for Bankruptcy, and then approach the things you feel is best in Australia for your requirements. Essentially, you have 3 options for who to turn to.

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

Another possibility you may think about is your accountant - they are incredibly useful and vital to the process of running your business, but for the most part, when you are thinking about Bankruptcy, your accountant won't be much help to you anymore.

Your best bet? A Financial Counsellor that can outline debt consolidation, personal insolvency agreements, and basically all you need to know when it comes to Bankruptcy.

If you want to learn more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to contact Bankruptcy Advice Australia on 1300 879 867, or visit our website: bankruptcy-advice.com.au