When people in
Australia ask me about Bankruptcy, I
tell them the classic Native American Fable of the little boy and the
Rattlesnake. An old rattlesnake asks a passing young boy to carry him to the mountain
top to see one last sunset before he passes away. The boy was hesitant, but the
rattlesnake vowed not to bite him in exchange for the ride. They journeyed
together only for the snake to eventually bite the boy despite his assurance
not to do so. The snake's answer was 'You knew what I was when you picked me
up.
Asking for the
right financial advice in Australia when it relates to Bankruptcy is a whole
lot like that little boy's encounter, fraught with risk and danger, and
generally skewed for the benefit of the individual supplying the advice. In
many cases you'll get bitten unless you know what you've picked up long before
you move forward (avoid the rattlesnakes). I discovered the problem with
obtaining financial advice as a teenager, and it has been vital to Bankruptcy.
I'd been working hard for a few years, and saved up a little bit of money I
wanted to invest. It was the early 1980s so interest rates were quite high and
investing your money was rather profitable. I spent some time researching numerous
investment options, and I went to visit a few financial advisors. It was clear
that they had more money than I did: they had nice suits and plush offices,
they all seemed to exude confidence and have all the answers. What hit me was
that they all had a really different idea of what I should do. This baffled me
a lot that it put me off the entire idea of going with any of them.
I'm sure
currently you have read more than enough on the internet to be totally
overwhelmed about Bankruptcy and exactly what to do. It would undoubtedly be
easier for me to help you understand the nature of the financial snakes you
might be grasping while you are trying to get to the bottom of your financial
problems in Australia. Essentially, you need to try and comprehend what your
overarching options are, do your own research into where to proceed with your
strategy for Bankruptcy, and then approach what you feel is best in Australia
for your requirements. Essentially, you have 3 options for who to turn to.
The first option
is a Solicitor - This may appear like the go-to approach when you seem to be in
trouble. But generally there is only just so much support they can give on this
matter. There are certainly specialist legal advisors in bankruptcy, but their
experience comes along with a hefty price.
Another solution
you may think of is your accountant - they are incredibly helpful and vital to
the task of managing your business, but for the most part, when you are
thinking about Bankruptcy, your accountant won't be much help to you at all.
Your best bet? A
Financial Counsellor that can talk about debt consolidation, personal
insolvency agreements, and basically all you have to know when it comes to Bankruptcy.
If you would
like to find out more about what to do, where to turn and what questions to ask
about Bankruptcy, then feel free to speak to Liquidation Service on 1300 795
575, or visit our website: liquidationservice.com.au.com.au.
