Bankruptcy in Canberra - Who do I speak to?

Should I consult with my accountant about Bankruptcy?

The answer seems obvious doesn't it: if anybody knows your financial circumstance well in Canberra, It's going to be your accountant. However, the short answer is a definite No! It's not that your accountant doesn't 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, minimising your tax liability and lodging your BAS.

Most accounting degrees will spend very little to no time on bankruptcy, it's generally done as a post graduate speciality course for those who wish to work in the field. Unless your accountant is an insolvency expert, he will 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 Canberra, they often tend to be large firms with very nice office spaces who charge accordingly.

Should I consult my Solicitor about Bankruptcy?

No! You can speak with your solicitor in Canberra 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 keeping you out of court if you're lucky. When it concerns Bankruptcy, the specialists in Canberra have the tendency to have either a legal or accounting qualifications, and the main reason for that is simply that you can't start in the post graduate study to become a qualified insolvency practitioner except if you have a law or accounting degree.

Just like there are a handful of insolvency accounting firms, there are very few insolvency legal practices in Australia, and yes if you choose one you will pay an ample price for their expertise.

Should I talk to a financial counsellor about Bankruptcy?

Yes! There are plenty of financial counselling services that can help you with this, they have no hidden agendas and they're a fantastic option for letting you analyze your situation when it comes to Bankruptcy. If you end up freaking out constantly, not sleeping, not eating or over-eating and thinking of money pressures regularly, then get some help.

There are also charities around Canberra like Lifeline that offer a terrific service. They will be a sounding board if you just need somebody to talk about with you what your possibilities are. Don't let your financial problem destroy your life - ultimately it's just money.

If you need to learn more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to speak to Bankruptcy Advice Canberra on 1300 879 867, or visit our website: www.bankruptcy-advice.com.au/Canberra .