Bankruptcy in Sydney - Who exactly do I talk to?

Should I speak with my accountant about Bankruptcy?

The answer seems clear doesn't it: if anyone knows your financial circumstance well in Sydney, It's going to be your accountant. However, the short answer is a resounding No! It's not that your accountant does not 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, reducing 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 specialty program for those who want to work in the field. Unless your accountant is an insolvency expert, he would 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 Sydney, they tend to be large firms with very nice offices who charge accordingly.

Should I talk with my Solicitor about Bankruptcy?

No! You can speak to your solicitor in Sydney but more than likely it won't do you much good. Solicitors are definitely good at undertaking 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 Sydney usually 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 except if you have a law or accounting degree.

Just as there are a handful of insolvency accounting firms, there are very few insolvency legal practices in Sydney, and yes if you locate one you will pay a sizable price for their expertise.

Should I talk 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 fabulous option for helping you think through your situation when it comes to Bankruptcy. If you find yourself freaking out constantly, not sleeping, not eating or over-eating and thinking about money pressures all the time, then get some help.

There are also charitable organizations around Sydney like Lifeline that offer a remarkable service. They will be a sounding board if you just need somebody to review with you what your choices are. Don't let your financial problem destroy your life - in the end it's just money.

If you like to learn more about what to do, where to turn and what matters to ask about Bankruptcy, then feel free to speak to Bankruptcy Sydney on 1300 795 575, or visit our website:


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