Bankruptcy in Darwin - Who exactly do I talk to?

Should I consult with my accountant about Bankruptcy?

The answer seems clear doesn't it: if anybody knows your financial circumstance well in Darwin, It's going to be your accountant. However, the short answer is a definite 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 put in hardly any to no time on bankruptcy, it's generally performed as a post graduate speciality program for those who want to work in the field. Unless your accountant is an insolvency specialist, he will 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 manage to find an insolvency accounting firm in Darwin, they have the tendency to be large firms with very nice offices who charge accordingly.

Should I consult my Solicitor about Bankruptcy?

No! You can speak with your solicitor in Darwin but more than likely it won't do you much good. Solicitors are definitely good at carrying out things lawyers do, like assisting 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 Darwin generally have either a legal or accounting background, and the main 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 Australia, and yes if you choose one you will pay a substantial price for their expertise.

Should I speak with a financial counsellor about Bankruptcy?

Yes! There are lots of financial counselling services to assist you with this, they have no hidden agendas and they're a remarkable option for letting you analyze your circumstance when it comes to Bankruptcy. If you find yourself stressing out constantly, not sleeping, not eating or over-eating and thinking of money pressures regularly, then get some help.

There are also charities around Darwin like Lifeline that offer a wonderful service. They will be a sounding board if you just need a person to discuss with you what your alternatives are. Don't let your financial problem destroy your life - in the end it's just money.

If you wish to learn more about what to do, where to turn and what points to ask about Bankruptcy, then feel free to speak to Bankruptcy Advice Darwin on 1300 879 867, or visit our website: www.bankruptcy-advice.com.au/Darwin .