Monday, March 21, 2016

Bankruptcy in Brisbane - Are you going to get bitten?


When people in Brisbane ask me about Bankruptcy, I tell them the simple 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 view one last sunset before he dies. The boy was reluctant, but the rattlesnake promised not to bite him in exchange for the ride. They went together only for the snake to ultimately bite the boy despite his vow not to do so. The snake's response was 'You knew what I was when you picked me up.

Getting the right financial advice in Brisbane when it concerns Bankruptcy is a whole lot like that little boy's journey, filled with risk and danger, and normally skewed for the benefit of the person providing the advice. In most cases you'll get bitten unless you know what you've picked up long before you move forward (avoid the rattlesnakes). I learned the problem with getting financial advice as a teenager, and it has been essential to Bankruptcy. I'd been keeping my nose to the grindstone 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 very high and investing your money was rather profitable. I spent a few years researching varying investment options, and I went to visit a few financial advisors. It was clear that they had more money than I did: they had good suits and plush offices; they all seemed to exude confidence and have all the solutions. What struck me was that they all had a very different strategy of what I should do. This frustrated me a lot that it put me off the whole idea of picking any of them.

I'm sure currently you have read more than enough on the internet to be totally lost about Bankruptcy and just what to do. It would probably be easier for me to help you comprehend the nature of the financial snakes you could be grabbing while you are trying to get to the bottom of your financial problems in Brisbane. Essentially, you need to try and comprehend what your overarching choices are, do your own research into where to proceed with your strategy for Bankruptcy, and then approach what you feel is best in Brisbane for your needs. Basically, you have 3 options for whom to turn to.

The first option is a Solicitor - This may look like the go-to approach when you seem to be in trouble. But there is only so much assistance they can give on this matter. There are definitely specialist legal advisors in bankruptcy, but their experience comes with a hefty price.

Another option 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 anymore.

Your best option? A Financial Counsellor that can talk about debt consolidation, personal insolvency agreements, and virtually all you should know when it comes to Bankruptcy.


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