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June 28, 20160

Bankruptcy in Bendigo – Are you going to get bitten?

Posted by:Bankruptcy Specialist onJune 28, 2016

When people in Bendigo ask me about Bankruptcy, I tell them the time-honoured 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 dies. The boy was reluctant, but the rattlesnake pledged not to bite him in exchange for the ride. They travelled together only for the snake to ultimately bite the boy despite his promise not to do so. The snake’s response was ‘you knew what I was when you picked me up.’

Receiving the right financial advice in Bendigo when it comes to Bankruptcy is a whole lot like that little boy’s experience, tangled up with risk and danger, and normally skewed for the benefit of the person supplying the advice. Often 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 obtaining financial advice as a teenager, and it has been fundamental to Bankruptcy. I’d been working hard 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 rather high and investing your money was really profitable. I spent a few years researching numerous investment options, and I went to visit a few financial advisors. It was transparent that they had more money than I did: they had nice suits and plush offices, they all seemed to exude confidence and have all the solutions. What struck me was that they all had a truly different idea of what I should do. This puzzled me so much that it put me off the whole idea of choosing any of them.

I’m sure currently you have read enough on the internet to be totally bewildered about Bankruptcy and precisely what to do. It would probably be easier for me to help you learn about the nature of the financial snakes you could be picking up while you are attempting to get to the bottom of your financial issues in Bendigo. Essentially, you need to try and figure out what your overarching alternatives are, do your own research into where to proceed with your plan for Bankruptcy, and then approach the things you feel is best in Bendigo for your needs. Essentially, you have 3 options for who to turn to.

The first option is a Solicitor– This may appear like the go-to choice when you seem to be in trouble. But there certainly is only so much help they can give on this matter. There are definitely specialist legal advisors in bankruptcy, but their knowledge includes a hefty price.

Another solution you may consider is your accountant– they are incredibly useful and vital to the process of running your business, but for the most part, when you are thinking about Bankruptcy, your accountant won’t be much help to you any longer.

Your best bet? A Financial Counsellor that specialises in Insolvency or Bankruptcy.

If you want to find out more about Bankruptcy for yourself or your business and what to do, where to turn, then feel free to get in touch with Bankruptcy Bendigo on 1300 818 575.

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