Bankruptcy in Sydney - Who do I talk to?

Should I talk with my accountant about Bankruptcy?

The answer seems clear doesn't it: if anyone knows your financial situation well in Sydney, 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 in mind when it comes to Bankruptcy, it's that his abilities lie in helping you save you money at tax time, minimising your tax liability and lodging your BAS.

Most accounting degrees will invest hardly any to no time on insolvency, it's generally done as a post graduate specialty program for those who intend to work in the field. Unless your accountant is an insolvency expert, he will not know that a lot about the effects of Bankruptcy, I can assure you insolvency specialists know much about tax returns or BAS in. If you do happen to find an insolvency accounting firm in Sydney, they have the tendency to be large firms with very nice offices who charge accordingly.

Should I consult my Solicitor about Bankruptcy?

No! You can talk with your solicitor in Sydney but more than likely it won't do you much good. Solicitors are really good at carrying out things lawyers do, like helping you do your Will and buying your house and keeping you out of court if you're lucky. When it relates to Bankruptcy, the specialists in Sydney often have either a legal or accounting experience, and the main reason for that is simply that you can't enrol in the post graduate study to become a qualified insolvency practitioner until you have a law or accounting degree.

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

Should I speak with a financial counsellor about Bankruptcy?

Yes! There are a lot of financial counselling services to guide you through this, they have no hidden agendas and they're a wonderful option for really helping you analyze your situation when it comes to Bankruptcy. If you find yourself freaking out constantly, not sleeping, not eating or over-eating and thinking about money pressures at all times, then get some help.

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

If you really want to learn more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to contact Bankruptcy Experts Sydney on 1300 795 575, or visit our website: www.bankruptcyexpertsSydney.com.au.