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 resounding No! It’s not that your accountant may not have your best interests in mind when it comes to Bankruptcy, it’s that his expertise lie in helping you save you money at tax time, minimizing your tax liability and lodging your BAS.
Most accounting degrees will devote hardly any to no time on bankruptcy, it’s generally carried out as a post graduate speciality program for those who intend to work in the field. Unless your accountant is an insolvency expert, he will not know that a lot about the effects 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 tend to be large firms with very nice office spaces who charge accordingly.
Should I speak with my Solicitor about Bankruptcy?
No! You can talk with your solicitor in Australia but more than likely it won’t do you much good. Solicitors are really 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 often have either a legal or accounting qualifications, and the main 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 few insolvency accounting firms, there are very few insolvency legal practices in Australia, and yes if you choose one you will pay a sizable price for their expertise.
Should I talk to a financial counsellor about Bankruptcy?
Yes! There are lots of financial counselling services to help you through this, they have no hidden agendas and they’re a remarkable option for helping you analyze your situation when it comes to Bankruptcy. If you are stressing out constantly, not sleeping, not eating or over-eating and thinking of money pressures continuously, then get some help.
There are also charities around Australia like Lifeline that offer an excellent service. They will be a sounding board if you just need somebody to go over with you what your possibilities are. Don’t let your financial trouble destroy your life – ultimately it’s just money.
If you wish to learn more about what to do, where to turn and what problems to ask about Bankruptcy, then feel free to contact Bankruptcy Experts Australia on 1300 795 575, or visit our website: www.bankruptcyexperts.com.au.