Bankruptcy in Melbourne - Who exactly do I speak to?

Should I speak with my accountant about Bankruptcy?

The answer seems obvious doesn't it: if anybody knows your financial situation well in Melbourne, 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, lowering your tax liability and lodging your BAS.

Most accounting degrees will put in very little to no time on bankruptcy, it's generally done as a post graduate speciality program for those who want to work in the field. Unless your accountant is an insolvency expert, he won't know that a lot about the effects of Bankruptcy, I can guarantee you insolvency specialists know much about tax returns or BAS in. If you do happen to find an insolvency accounting firm in Melbourne, they tend to be large firms with very nice office spaces who charge accordingly.

Should I speak to my Solicitor about Bankruptcy?

No! You can talk with your solicitor in Melbourne but more than likely it won't do you much good. Solicitors are really good at carrying out 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 relates to Bankruptcy, the specialists in Melbourne often have either a legal or accounting experience, and the reason for that is simply that you can't enrol 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 couple of insolvency accounting firms, there are very few insolvency legal practices in Australia, and yes if you locate one you will pay a sizeable price for their expertise.

Should I speak to a financial counsellor about Bankruptcy?

Yes! There are lots of financial counselling services to help you through this, they have no hidden agendas and they're an excellent option for helping you think through your situation when it comes to Bankruptcy. If you are stressing out constantly, not sleeping, not eating or over-eating and thinking of money pressures regularly, then get some help.

There are also charitable organizations around Melbourne like Lifeline that offer a remarkable service. They will be a sounding board if you just need somebody to discuss with you what your alternatives are. Don't let your financial issue destroy your life - ultimately it's just money.

If you wish 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 Bankruptcy Melbourne on 1300 795 575, or visit our website: bankruptcymelbourne.com