Going Bankrupt in Australia – Are you going to get bitten?


When people in Australia ask me about Going Bankrupt, I tell them the time-honored 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 reluctant, but the rattlesnake promised not to bite him in exchange for the ride. They journeyed together only for the snake to eventually bite the boy despite his promise not to do so. The snake’s reply was ‘You knew what I was when you picked me up.’

Obtaining the right financial advice in Australia when it comes to Going Bankrupt is a lot like that little boy’s journey, laden with risk and danger, and typically skewed for the benefit of the individual supplying the advice. Often you’ll get bitten except if you know what you’ve picked up before you move forward (avoid the rattlesnakes). I discovered the problem with obtaining financial advice as a teenager, and it has been fundamental to Going Bankrupt. I’d been working hard for a few years, and saved up a small amount of money I wanted to invest. It was the early 1980s so interest rates were fairly high and investing your money was very profitable. I spent a few years researching different 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 hit me was that they all had an extremely different idea of what I should do. This confused me a lot that it put me off the whole idea of choosing any of them.

I’m sure by now you have read enough on the internet to be totally lost about Going Bankrupt and precisely what to do. It would undoubtedly be easier for me to help you comprehend the nature of the financial snakes you may be grabbing while you are trying to get to the bottom of your financial troubles in Australia. Basically, you have to try and understand what your overarching options are, do your own research into where to proceed with your strategy for Going Bankrupt, and after that approach just what you feel is best in Australia for your needs. Basically, 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 appear to be in trouble. But certainly there is only just so much assistance they can give on this matter. There are definitely specialist legal advisors in bankruptcy, but their knowledge comes with a hefty price.

Another alternative you may think about is your accountant – they are incredibly useful and vital to the task of operating your business, but for the most part, when you are thinking of Going Bankrupt, your accountant won’t be much help to you any longer.

Your best choice? A Financial Counsellor that can outline debt consolidation, personal insolvency agreements, and virtually all you need to know when it comes to Going Bankrupt.

If you would like to learn more about what to do, where to turn and what questions to ask about Going Bankrupt, then feel free to contact Fresh Start Solutions Australia on 1300 818 575, or visit our website: WWW.freshstartsolutions.com.au/bankruptcy-Australia.

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