Bankruptcy in Melbourne- Who do I talk to?

Should I talk to my accountant about Bankruptcy?

The answer seems clear 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 resounding No! It's not that your accountant doesn't have your best interests at heart when it comes to Bankruptcy, it's that his know-how lie in helping you save you money at tax time, lowering your tax liability and lodging your BAS.

Most accounting degrees will devote very little to no time on insolvency, it's generally performed as a post graduate speciality program for those who intend to work in the field. 

Unless your accountant is an insolvency specialist, he won't 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 happen to find an insolvency accounting firm in Melbourne, they have the tendency to be large firms with very nice offices who charge accordingly.

Should I talk with my Solicitor about Bankruptcy?

No! You can talk to your solicitor in Melbourne 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 concerns Bankruptcy, the specialists in Melbourne will have either a legal or accounting background, and the main reason for that is simply that you can't start in the post graduate study to become a qualified insolvency practitioner unless you have a law or accounting degree.

Just as there are a small number of insolvency accounting firms, there are very few insolvency legal practices in Australia, and yes if you locate 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 to assist you with this, they have no hidden agendas and they're a delightful option for really helping you think through your circumstance when it comes to Bankruptcy. If you are stressing out constantly, not sleeping, not eating or over-eating and thinking of money pressures all the time, then get some help.

There are also charitable organizations around Melbourne like Lifeline that offer a fantastic service. They will be a sounding board if you just need someone to discuss with you what your choices are. Don't let your financial problem 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 call Bankruptcy Advice Melbourne on 1300 879 867, or visit our website: www.bankruptcy-advice.com.au/Melbourne .