Bankrupt, Declaring Bankruptcy, Bankruptcy
March 7, 201723

Bankruptcy in Australia – Who do I speak to?

Posted by:Charles Bosse onMarch 7, 2017

Should I speak with my accountant about Bankruptcy?

The response seems to be clear doesn’t it: if anyone understands your financial situation well in Australia, It’s going to be your accounting professional. Nonetheless, the short answer is a resounding No! It’s not that your accountant may not have your best interests in mind whenever it comes to Bankruptcy, it’s that his experience lie in assisting you save you money at tax time, lowering your tax liability and lodging your BAS.

Most accounting degrees will dedicate very little to no time on insolvency, it’s normally performed as a post graduate specialization course for those who plan to operate in the field. Unless your accounting professional is an insolvency expert, he would certainly not know a lot about the effects of Bankruptcy. I can assure you bankruptcy specialists don’t know much about tax returns or BAS. If you do happen to identify an insolvency accounting firm in Australia, they have the tendency to be large firms with extremely nice offices who charge accordingly.

Would I talk with my Solicitor about Bankruptcy?

No! You can talk to your solicitor in Australia but more than likely it won’t do you much good. Solicitors are definitely good at carrying out things lawyers do, like helping you to create your Will and purchasing your house and trying to try to keep you away from court if you’re lucky. When it comes to Bankruptcy, the professionals in Australia usually have possibly a legal or accounting certifications, and the main justification for that is merely that you can not begin in the post graduate study to become a certified bankruptcy specialist unless if you possess a law or accounting degree.

Just as there are a handful of bankruptcy accountancy agencies, there are few insolvency legal practices in Australia, and yes if you find one you will pay an adequate rate for their knowledge.

Would I talk to a financial counsellor about Bankruptcy?

Yes! There are a number of financial counselling solutions to assist you with this, they have no hidden agendas and they’re a great choice for letting you to evaluate your scenario when it comes to Bankruptcy. If you turn out stressing frequently, not sleeping, not eating or over-eating and contemplating finance tensions constantly, then obtain some assistance.

There are also charities around Australia like Lifeline that offer an outstanding service. They will certainly be a sounding board if you just need a person to evaluate with you what your possibilities are. Never let your financial difficulties ruin your life – at the end of the day, it’s just money.

If you really want to learn more about what to do, where to turn and what troubles to ask about Bankruptcy, then feel free to get in touch with Bankruptcy Experts on 1300 818 575, or visit our website:



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