Bankrupt, Declaring Bankruptcy, Bankruptcy
March 6, 201717

Bankruptcy in Australia and how to avoid getting bitten.

Posted by:Charles Bosse onMarch 6, 2017

When people in Australia ask me about Bankruptcy, I love telling them about the traditional Native American Tale of the little boy and the Rattlesnake. An old rattlesnake talks to a passing young boy to take him to the mountain peak to see one last sunset before he dies. The boy was reluctant, but the rattlesnake vowed not to bite him in exchange for the ride. They travelled side by side only for the snake to inevitably bite the boy even with his promise not to so. The snake’s reply was ‘You knew what I was when you picked me up.’ – Now it is a tale that is also known as the Scorpion and the Toad, and by many other names, but the message is the same – know what you are getting before you pick it up.

Securing the right financial advice in Australia with Bankruptcy is a great deal similar to that little boy’s journey, packed with risk and peril, and usually manipulated for the advantage of the person supplying the advice. Most of the time you’ll get bitten unless you understand what you have indeed picked up long before you continue (keep away from the rattlesnakes). I discovered the challenge with getting financial advice as a young adult, and it has certainly been key to Bankruptcy. I ‘d been working really hard for a number of years, and saved up a small amount of money I really wanted to invest. It was the early 1980s so interest rates were actually fairly high and investing your money was quite financially successful. I spent a few years researching various investment options, and I went to check out a few financial advisors. It was clear that they had more money than I did: they had nice suits and luxurious offices, they all seemed to project confidence and have all the answers. What hit me was that they all had a very different concept of what I should do. This puzzled me so much that it put me off the whole idea of picking any of them.

I’m sure that you have found out more than enough online to be totally puzzled about Bankruptcy and exactly what to do. It would most likely be much simpler for me to help you take in the nature of the financial snakes you might be taking hold of while you are trying to get to the bottom of your financial issues in Australia. Essentially, you have to try and figure out what your overarching options are, do your own research into where to press on with your strategy for Bankruptcy, then approach what you feel is best in Australia for your needs. In a nutshell, you have 3 choices for who to look to.

The first option is a Solicitor– This may appear like the go-to possibility when you appear to be in trouble. But certainly there is only just so much support they can provide on this issue. There are absolutely specialist legal experts in bankruptcy, but their experience comes with a hefty price.

Another possibility you may consider is your accountant– they are incredibly helpful and vital to the process of managing your business, but for the most part, when you are thinking about Bankruptcy, your accountant won’t be much support to you any longer.

Your best choice? A Financial Counsellor that can outline debt consolidation, personal insolvency agreements, and more or less all you have to know when it involves Bankruptcy.

If you would like to learn more about what to do, where to turn and what issues to ask about Bankruptcy, then feel free to talk to Bankruptcy Experts on 1300 818 575, or visit our website:



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