Bankruptcy in Darwin - Who exactly do I speak to?

Should I talk with my accountant about Bankruptcy?

The answer seems obvious doesn't it: if anyone knows your financial circumstance well in Darwin, 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 in mind when it comes to Bankruptcy, it's that his experience lie in helping you save you money at tax time, minimising your tax liability and lodging your BAS.

Most accounting degrees will put in hardly any to no time on insolvency, it's generally performed as a post graduate specialty 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 guarantee you insolvency specialists know much about tax returns or BAS in. If you do happen to find an insolvency accounting firm in Darwin, they tend to be large firms with very nice office spaces who charge accordingly.

Should I talk to my Solicitor about Bankruptcy?

No! You can talk with your solicitor in Darwin but more than likely it won't do you much good. Solicitors are certainly 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 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 like there are a small number of insolvency accounting firms, there are very few insolvency legal practices in Australia, and yes if you find one you will pay a substantial price for their expertise.

Should I speak to a financial counsellor about Bankruptcy?

Yes! There are plenty of financial counselling services to help you through this, they have no hidden agendas and they're a splendid option for letting you analyze your situation when it comes to Bankruptcy. If you are stressing out constantly, not sleeping, not eating or over-eating and thinking about money pressures continuously, then get some help.

There are also charities around Darwin like Lifeline that offer a terrific service. They will be a sounding board if you just need somebody to talk about with you what your choices 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 points to ask about Bankruptcy, then feel free to speak to Bankruptcy Experts Darwin on 1300 795 575, or visit our website: www.bankruptcyexpertsDarwin.com.au.