Bankruptcy in Melbourne - Who do I talk to?

Should I talk with my accountant about Bankruptcy?

The answer seems obvious doesn't it: if anyone knows your financial situation well in Melbourne, 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 at heart when it comes to Bankruptcy, it's that his expertise lie in helping you save you money at tax time, reducing your tax liability and lodging your BAS.

Most accounting degrees will put in very little to no time on insolvency, it's generally carried out as a post graduate specialty course for those who intend 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 assure you insolvency specialists know much about tax returns or BAS in. If you do manage to find an insolvency accounting firm in Melbourne, they have the tendency to be large firms with very nice office spaces who charge accordingly.

Should I consult with my Solicitor about Bankruptcy?

No! You can speak with your solicitor in Melbourne but more than likely it won't do you much good. Solicitors are definitely good at doing 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 Melbourne generally have either a legal or accounting experience, and the main reason for that is simply that you can't start in the post graduate study to become a qualified insolvency practitioner until you have a law or accounting degree.

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

Should I talk to a financial counsellor about Bankruptcy?

Yes! There are a lot of financial counselling services to aid you with this, they have no hidden agendas and they're a great option for helping you analyze your circumstance when it comes to Bankruptcy. If you find yourself stressing constantly, not sleeping, not eating or over-eating and thinking of money pressures regularly, then get some help.

There are also charities around Melbourne like Lifeline that offer an excellent service. They will be a sounding board if you just need somebody to review with you what your choices are. Don't let your financial trouble destroy your life - in the end it's just money.

If you want to learn more about what to do, where to turn and what points to ask about Bankruptcy, then feel free to get in touch with Fresh Start Solutions Melbourne on 1300 818 575, or visit our website: www.freshstartsolutions.com.au/bankruptcy-Melbourne