Bankruptcy in Wollongong - Who exactly 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 Wollongong, It's going to be your accountant. However, the short answer is a definite No! It's not that your accountant may not have your best interests in mind 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 spend hardly any to no time on insolvency, it's generally performed as a post graduate speciality program for those who wish to work in the field. Unless your accountant is an insolvency specialist, 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 manage to find an insolvency accounting firm in Wollongong, they often tend to be large firms with very nice office spaces who charge accordingly.

Should I talk to my Solicitor about Bankruptcy?

No! You can speak with your solicitor in Wollongong but more than likely it won't do you much good. Solicitors are certainly good at carrying out things lawyers do, like helping you do your Will and buying your house and trying to keep you out of court if you're lucky. When it comes to Bankruptcy, the specialists in Wollongong often tend to have either a legal or accounting qualifications, and the reason for that is simply that you can't enrol in the post graduate study to become a qualified insolvency practitioner unless you have a law or accounting degree.

Just as there are a couple 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 speak to a financial counsellor about Bankruptcy?

Yes! There are a lot of financial counselling services to aid you with this, they have no hidden agendas and they're a remarkable option for really helping you analyze your situation when it comes to Bankruptcy. If you are stressing constantly, not sleeping, not eating or over-eating and thinking of money pressures all the time, then get some help.

There are also charities around Wollongong like Lifeline that offer a terrific 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 issue destroy your life - in the end it's just money.

If you want to learn more about what to do, where to turn and what issues to ask about Bankruptcy, then feel free to speak to Bankruptcy Experts Wollongong on 1300 795 575, or visit our website: www.bankruptcyexpertsWollongong.com.au.