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October 11, 2016Comments Closed

Bankruptcy in Australia and how to avoid getting bitten.

When people in Australia ask me about Bankruptcy, I tell them the traditional Native American Tale of the little boy and the Rattlesnake. An old rattlesnake demands a passing young boy to take him to the mountain top to see one last sunset before he dies. The boy was unsure, but the rattlesnake swore not to bite him in exchange for the trip. They travelled side by side only for the snake to inevitably bite the boy even with his promise not to bite him so. The snake’s reaction 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.

bankruptcy

Finding the best financial help in Australia with Bankruptcy is a great deal like that little boy’s journey, filled with risk and hazards, and usually manipulated for the benefit of the individual providing the advice. Most of the time you’ll get bitten unless you understand what you have really picked up long before you continue (steer clear of the rattlesnakes). I learned the dilemma with getting financial advice as a teenager, and it has actually been essential to Bankruptcy. I ‘d been working hard for a few years, and saved up a modest sum of money I chose to invest. It was the early 1980s so interest rates were simply fairly high and investing your money was quite profitable. I spent a few years exploring various investment options, and I went to see a few financial advisors. It was clear that they had much more money than I did: they had nice suits and luxurious offices, they all seemed to emanate confidence and have all the answers. What hit me was that they all had a very different strategy of exactly what I should do. This puzzled me so much that it put me off the entire idea of deciding on any of them.

I’m sure that you have read more than enough on the internet to be totally puzzled about Bankruptcy and exactly what to do. It would probably be easier for me to help you know the nature of the financial snakes you could be taking hold of while you are trying to get to the bottom of your financial issues in Australia. Basically, you need to try and find out what your overarching choices are, do your very own research into where to proceed with your plan for Bankruptcy, and after that approach what you feel is best in Australia for your needs. Basically, you have 3 options for who to look to.

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

Another possibility you may think about is your accountant– they are extremely helpful and vital to the program 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 option? A Financial Counsellor that can detail debt consolidation, personal insolvency agreements, and basically all you have to know when it involves Bankruptcy.

If you would like to figure out more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to speak with Bankruptcy Experts Australia on 1300 795 575, or go to our website: www.bankruptcyexpertsaustralia.com.au.

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