Bankruptcy in Australia - Are you going to get bitten?

When people in Australia ask me about Bankruptcy, I let them know the time-honored 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 discover one last sunset before he dies. The boy was hesitant, but the rattlesnake promised not to bite him in exchange for the ride. They journeyed together only for the snake to in the end bite the boy despite his promise not to do so. The snake's response was 'You knew what I was when you picked me up.'

Receiving the right financial advice in Australia when it comes to Bankruptcy is a lot like that little boy's experience, tangled up with risk and danger, and usually skewed for the benefit of the person presenting the advice. In many cases you'll get bitten except if 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 necessary to Bankruptcy. I'd been working hard 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 pretty high and investing your money was very profitable. I spent some time researching varying investment options, and I went to visit a few financial advisors. It was transparent that they had more money than I did: they had good suits and plush offices, they all appeared to exude confidence and have all the solutions. What struck me was that they all had a truly different idea of what I should do. This confused me so much that it put me off the entire idea of picking any of them.

I'm sure currently you have read more than enough on the internet to be totally bewildered about Bankruptcy and precisely what to do. It would most likely be easier for me to help you comprehend the nature of the financial snakes you might be picking up while you are attempting to get to the bottom of your financial problems in Australia. In essence, you have to try and recognize what your overarching options are, do your very own research into where to proceed with your plan for Bankruptcy, and then approach what you feel is best in Australia for your needs. Basically, you have 3 options for who to turn to.

The first option is a Solicitor- This may seem the go-to option when you appear to be in trouble. But there really is only so much assistance they can give on this matter. There are certainly specialist legal advisors in bankruptcy, but their experience features a hefty price.

Another possibility you may think of is your accountant- they are incredibly helpful and vital to the process of operating your business, but for the most part, when you are considering Bankruptcy, your accountant won't be much help to you any more.

Your best choice? A Financial Counsellor that can outline debt consolidation, personal insolvency agreements, and pretty much all you have to figure out when it comes to Bankruptcy.

If you wish to learn more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to speak to Bankruptcy Australia on 1300 795 575, or visit our website: bankruptcy-australia.net.au