Bankruptcy in Adelaide - Who do I talk to?

Should I talk to my accountant about Bankruptcy?

The answer seems obvious doesn't it: if anybody knows your financial situation well in Adelaide, It's going to be your accountant. However, the short answer is a resounding No! It's not that your accountant won't have your best interests at heart when it comes to Bankruptcy, it's that his specialization lie in helping you save you money at tax time, lowering your tax liability and lodging your BAS.

Most accounting degrees will spend very little to no time on insolvency, it's generally carried out as a post graduate speciality program for those who wish 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 guarantee you insolvency specialists know much about tax returns or BAS in. If you do happen to find an insolvency accounting firm in Adelaide, they often tend to be large firms with very nice office spaces who charge accordingly.

Should I speak with my Solicitor about Bankruptcy?

No! You can talk to your solicitor in Adelaide but more than likely it won't do you much good. Solicitors are certainly good at doing 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 comes to Bankruptcy, the specialists in Adelaide normally have either a legal or accounting background, and the 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 few insolvency accounting firms, there are very few insolvency legal practices in Australia, and yes if you find one you will pay a substantial price for their expertise.

Should I speak to a financial counsellor about Bankruptcy?

Yes! There are lots of financial counselling services to aid you through this, they have no hidden agendas and they're a fantastic option for really 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 continuously, then get some help.

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

If you want to learn more about what to do, where to turn and what matters to ask about Bankruptcy, then feel free to get in touch with Bankruptcy Advice  Adelaide on 1300 879 867, or visit our website: www.bankruptcy-advice.com.au/Adelaide