Bankruptcy in Australia - Who exactly do I talk to?

Should I speak with my accountant about Bankruptcy?

The answer seems clear 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 won't have your best interests at heart 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 put in very little to no time on bankruptcy, it's generally performed as a post graduate speciality program for those who want to work in the field. Unless your accountant is an insolvency expert, he would not know that a lot about the implications 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 offices who charge accordingly.

Should I consult 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 certainly good at undertaking 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 concerns Bankruptcy, the specialists in Australia tend to have either a legal or accounting background, and the main reason for that is simply that you can't enrol in the post graduate study to become a qualified insolvency practitioner until you have a law or accounting degree.

Just like there are a handful of insolvency accounting firms, there are very few insolvency legal practices in Australia, and yes if you find one you will pay a sizeable price for their expertise.

Should I speak with a financial counsellor about Bankruptcy?

Yes! There are plenty of financial counselling services to assist you with this, they have no hidden agendas and they're a great option for really helping 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 of money pressures constantly, 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 someone to review with you what your alternatives are. Don't let your financial problem destroy your life - in the end it's just money.

If you need to learn more about what to do, where to turn and what matters to ask about Bankruptcy, then feel free to call Fresh Start Solutions Australia on 1300 818 575, or visit our website: www.freshstartsolutions.com.au/bankruptcy-Australia