Losing your house: Just how much do you know about Bankruptcy in Adelaide?

The biggest question people have when they come to our company regarding Bankruptcy is literally 'Can I manage to keep my house?' and sometimes the answer is yes, you can keep your house.

The only reason you can be forced to sell your family home if you declare bankruptcy is actually due to the fact that you have a great deal of equity in the home that it is considered an asset. Please go over these basic hypothetical case studies below to get your head around Bankruptcy and how it affects houses in Australia. Remember If you need to know more about Bankruptcy and houses feel free to consult with us here at Fresh Start Solutions Adelaide on 1300 818 575, or go to our website: www.freshstartsolutions.com.au/bankruptcy-adelaide.com.au

Case Study 1. (Mike & Sue Smith)

5 years ago Mike and Sue bought a house in a mining town for $450,000. At this time the mining boom was keeping all the property prices nice and high. Now they are needing to look at Bankruptcy given that they have massive debts of $80,000 on top of their mortgage and credit card and tax debt.

They really want to keep their house but wonder if they can, they know that house prices if anything have gone down in the area in the last 5 years so to be safe they think that their home is still only worth $450,000 after all these years, to make sure they searched www.realestate.com.au/ sold section of the website to see what other houses in the streets close by have sold for lately.

Unfortunately they have not paid any principal of the home loan over the last 5 years, mainly just interest, so they still owe $450,000.

Current House Value = $450,000.

Current Mortgage Value = $450,000.

Net Equity Value = $0.

Because there is no equity in this property the trustee will not ask Mike and Sue to sell their home when they go bankrupt, as long as they keep up the mortgage payments then all will be well for these people for the 3 years they are in bankruptcy.

At the end of the bankruptcy period of time the trustee will write to them and ask if they wish to take over ownership of their house again and as long as it has not grown in price over the 3 years they have been bankrupt they will be asked to make an offer to have their house back. This is typically somewhere between $3,000 and $5,000 to cover the legal costs of changing the land title deed etc.

Now let's have a look at a slightly different example of Bankruptcy and houses.

Case Study 2. (Bill & Michelle Johnson)

2 years ago Bill and Michelle purchased a townhouse in a wonderful suburb of Adelaide for $850,000 they tipped in $50,000 as a deposit and now the townhouse two years later is worth $900,000.

Current House Value = $900,000.

Current Mortgage Value = $800,000.

Net Equity Value = $100,000.

Because of a recent business downfall Bill is about $240,000 in debt. Michelle who does work in banking has a separate job and no other debt except for the mortgage. Bill cannot pay his debts and so he is considering Bankruptcy. Michelle is concerned that she too may need to declare bankruptcy or be pushed into it thanks to the house loan.

Within this particular case the trustee is required to access or get their hands on Bill's part of the equity which is $50,000 less selling costs. They might do this in a few ways; 1. Make them sell the home. 2. Invite Michelle to buy Bills half of the equity. 3. leave them in the home - but It's very unlikely with this case that the trustee would be happy to leave Bill and Michelle in the house because there is just too much equity.

So Michelle may be capable to purchase Bill's share of the equity by coming up with $50,000 and buying out Bills' half and from that moment its now 100 % Michelle's house.

Property and Bankruptcy in Australia is confusing and demanding, these two case studies above are just the tip of the iceberg as far as your options in Adelaide are concerned. If you need to know more about Bankruptcy and houses feel free to call us here at Fresh Start Solutions Adelaide on 1300 818 575, or head to our website: www.freshstartsolutions.com.au/bankruptcy-adelaide.com.au.

Bankruptcy Adelaide, Just what is the Deal with Debts?

Precisely what Debts are wiped out if I go Bankrupt?

The quick answer is that when it concerns Bankruptcy most debts are wiped, and I have included a table below for you to look at.

But, put simply some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and even any debts arising from uninsured Motor-vehicle claims and educational debts like HECS or FEE-HELP. These debts are not wiped out when you file for bankruptcy.

What about Secured Debts?

A secured debt is a car loan or a home loan; it is a debt that has some real security affixed to it. So as an example if you buy a new car for $40,000 dollars the security for this car is the actual car itself.

So, can my secured debts be cleared away if I file for bankruptcy?

Yes. If you have a car loan for $40,000 you can have that debt eliminated if you simply return the car. So the lesson is that you cannot have your cake and eat it too (so to speak), so yes all of your secured debts may be wiped but the asset will need to be sold or returned. This is just one element that, when it comes to Bankruptcy, it is essential to get professional help - like that provided at Fresh Start Solutions Adelaide.

What about my Tax Debts with the ATO can they be removed If I go bankrupt?

Yes they can, both business and personal debts owing to the ATO can be wiped out with bankruptcy. If you have a business with any sort of debts receive some advice because it is not always so basic. Feel free to call us right here at Fresh Start Solutions Adelaide if you have any questions on 1300 818 575. Or feel free to check out our website: www.freshstartsolutions.com.au/bankruptcy-adelaide.com.au

What about my business or Company debts?

Sometimes when it concerns Bankruptcy we can assist you with your business debts, call us about this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Usually you may need to liquidate a company to deal with the debt that way. And when it comes to Bankruptcy, it can be a complicated area, so remember there are implications for a business owner such as insolvent trading. At Fresh Start Solutions Adelaide we specialise in business and personal debts so contact us here at Fresh Start Solutions Adelaide if you have any questions about Bankruptcy on 1300 818 575. Or feel free to check out our website: www.freshstartsolutions.com.au/bankruptcy-adelaide.com.au

Bankruptcy, Will I lose my Superannuation?

Bankruptcy in Australia can be involved and perplexing. A question we typically get asked here over at Fresh Start Solutions Adelaide is 'what happens to my super if I apply for Bankruptcy'? The reply for most is simple, if your super is simply in a regulated fund or industry fund like Sunsuper or Host Plus then very little happens; your super is 100 % safe when it comes down to Bankruptcy.

What if I have a Self Managed Super Fund?

This is a growing concern, take into account the evolving number of members of Self-Managed Super Funds ("SMSFs") in recent years; the ATO tells us it has increased Australia-wide from 758,589 in 2009 to 1,011,689 in 2014. So what happens to these Superfunds when it comes down to Bankruptcy?

Remember Fresh Start Solutions Adelaide is not implying this short article is the entire story, if you have any questions feel free to call us on 1300 818 575. Whether or not you call us or someone else it doesn't matter, just please don't walk into bankruptcy blind when it comes to your SMSF indeed we advise you look for both legal and financial advice before proceeding with any of the actions proposed in this article.

What is a Disqualified Person?

First and foremost, if you are considering Bankruptcy, you can not be a part of a SMSF. Why? Because if you are confronting bankruptcy, you will be grouped as a 'disqualified person'. And a disqualified person cannot operate as an Individual Trustee. This poses a problem since usually most of the SMSFs are just 2 people, which means each of these members must also be the individual trustees. The duty of trustee presents a lot of legal rules, and if you are in this position I would highly urge you to get aware of them all-- for example the fact that you can not 'know or suspect' that one of you are bankrupt. So you can see how an individual bankruptcy can be quite destructive to a SMSF and as you can assume the process of Bankruptcy for a SMSF is rather convoluted.

How long do I have to restructure my SMSF Fund once I'm bankrupt?

So what develops if one of the members of an SMSF does enter Bankruptcy?

For starters, the SMSF will need to be restructured. This means that you will have to consider your extensive structure and ensure that it is meeting the basic conditions, involving having a new trustee that is not having issues with Bankruptcy. The Australian Tax office will supply you a 6 month 'grace period' to get this done before you face penalties. And keep in mind, sometimes the most ideal plan would be to simply roll the fund into an industry or corporate fund.

Beyond these large scale restructuring issues, there is a lot of paperwork to deal with too, and you need to be frequently keeping the ATO informed of what is happening. This suggests you will need to let them know that you have a bankruptcy problem with your current trustee, that they are being removed as soon as possible know who the new trustee/director is. The Bankrupt will also have to inform the ATO using the form NAT 3036 (Found on the ATO website) and they will need to also notify ASIC of their resignation.

Through that 6 month period you will need to remove the Bankrupt from the SMSF-- including their property and assets. Remember if you are not exactly sure call Fresh Start Solutions Adelaide for some free advice on 1300 818 575.

What if I have a single member fund?

If you are a single member fund, then you will need to appoint a new director, and it will then end up being their responsibility to oversee the sale and relocation of assets into a managed fund. If there are two or more members, than the bankrupt member will have to resign and the other member will clear away the property and halve the proceeds. They would then need to decide if they want to remain as a single member SMSF, or if they need to roll everything into a managed fund. If both members are entering bankruptcy, then they would definitely need to sell all assets promptly and move the liquid assets to the managed fund.

From this you can see how when it comes to Bankruptcy, even though one single member is running into issues, it can affect the very existence of an SMSF. If you are at the moment facing this problem yourself, or with a partner in a SMSF, please seek financial advice to make sure you are fulfilling the ATO requirements.

A simple solution ...

As I recommended earlier, a straightforward solution to your SMSF situation is to put your super back into a normal regulated managed fund prior to bankruptcy and save yourself all the headaches outlined above. Bankruptcy is never easy, but receiving proper advice is the best first step. If you want to discuss your possibilities further, give us a call at Fresh Start Solutions Adelaide or visit our website: www.freshstartsolutions.com.au/bankruptcy-Adelaide.com.au or just call us on 1300 818 575.

Bankruptcy in Adelaide - Will I lose my house if I go bankrupt?

Bankruptcy Adelaide is a complicated process, but I know from meeting with thousands facing the prospect of bankruptcy over the years, that not much worries people more than the idea of losing the family home or apartment. Almost everyone is on an emotional level connected to their home - it's where the kids have grown up, it's where you appreciate life on a day to day basis.

Will you lose your house if you go bankrupt? The solution is a resounding maybe. (not very useful, I know) People generally think it's an inevitable consequence and a part of Bankruptcy, and as a result push themselves to the brink of insanity to not lose the family home. But when it comes to the whole process of Bankruptcy, a key perk of Debt Agreements and Personal Insolvency Agreements is you can keep your house. The reason is simple: you've agreed to pay back the debt you are in.

So how is it possible to keep my Adelaide house, you ask? It's easier if I explain the basic idea behind the Bankruptcy process as administered by the trustee, then you'll have a clearer picture.

The function of the bankruptcy trustee is to firstly comply with the regulation of the bankruptcy act 1966 (it's a very boring read about 600 pages if you are wondering).

Within that regulatory framework, the trustee is to help recuperate monies owed to your creditors, that is accomplished in a bunch of assorted ways but it mainly comes down to income and assets. The trustees role is to collect payments over and above your income threshold. The other role is to sell off any assets that can contribute to paying back your debts.

What this resembles is that yes the trustee will sell your house right? Not necessarily. The only reason the trustee will sell any asset including your house is to get money to repay your debts. If there is no equity in your house then it's pointless to sell your home. This is happening much more since the GFC as house prices in many areas have been heading south so what you paid 4 years ago may not automatically reflect the price today.

A quick tip here if you have a house in Adelaide and are looking at Bankruptcy: get a specialist to help you through this process, there are a number of variables in these scenarios that have to be considered.

You might wonder, why would the bank want bankrupt clients? wouldn't they want to sell your house and not take the risk? The bank that has nicely lent you the money for your house is creating good money every month in interest out of you, month in month out, so long as you keep up to date with your monthly payments then the bank really wants you in there at all costs. Essentially however it's not the bank's call if the trustee decides that there is lots of equity in your house the trustee will force you and the bank to sell the house.

When you file for bankruptcy you are asked to make a note of the value of your house and the amount of money you owe on the house. A tip if you are trying to work out the value of your house: use a registered valuer as this will offer you peace of mind, don't use your neighbours' gut feel recommendations or a real estate agents advice to come to this figure. When you get a valuer out to your home, ensure that you tell the valuer to value the property for a quick sale, see to it you mow the lawn and don't leave the kitchen in a mess also.

Valuers used to give two valuations: one for a quick sale and one for a well marketed non time delicate sale. These days that's not the case, but if you meet them and let them know you need to sell the house in the next 30 days you may control the result. The idea is that you want a reasonable sell now figure.

There are two main reasons this valuation process is critical to you: one you may have peace of mind ascertaining the market value of your house, then afterwards you can easily build your equity position. Second of all, your property may be really worth much more than you thought. Get some guidance before doing this. The amount of times I've seen clients that have sold their family home of 20 years only to find out I could of helped them keep it; unfortunately this happens all too often

When it concerns Bankruptcy and houses, another serious consideration is ownership, in most cases houses are purchased in joint names. In other words a couple may be a house 50/50 using both incomes to make the payments. If one party declares bankruptcy and the other party does not, the equity is only factored on the 50 % of the property.

When it comes down to Bankruptcy, this is just one of potentially numerous scenarios that are likely when it comes to the family home. Bear in mind the non-bankrupt party can buy the bankrupt's portion of the property in bankruptcy also. I need to repeat this but get some assistance on this area of Bankruptcy because it is very tricky and every case is different.

If you wish to learn more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to talk to Fresh Start Solutions Adelaide on 1300 818 575, or visit our website: www.freshstartsolutions.com.au/bankruptcy-Adelaide .

Bankruptcy in Adelaide - Who exactly do I talk to?

Should I talk to my accountant about Bankruptcy?

The answer seems clear doesn't it: if anybody knows your financial situation well in Adelaide, It's going to be your accountant. However, the short answer is a definite No! It's not that your accountant doesn't have your best interests in mind when it comes to Bankruptcy, it's that his proficiency lie in helping you save you money at tax time, reducing 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 intend to work in the field. Unless your accountant is an insolvency specialist, he would not know that a lot about the effects of Bankruptcy, I can assure you insolvency specialists know much about tax returns or BAS in. If you do happen to find an insolvency accounting firm in Adelaide, they tend to be large firms with very nice offices who charge accordingly.

Should I talk to my Solicitor about Bankruptcy?

No! You can speak with your solicitor in Adelaide but more than likely it won't do you much good. Solicitors are certainly good at carrying out things lawyers do, like helping 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 Adelaide usually have either a legal or accounting experience, and the main 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 couple of insolvency accounting firms, there are very few insolvency legal practices in Australia, and yes if you choose one you will pay a sizeable price for their expertise.

Should I speak with a financial counsellor about Bankruptcy?

Yes! There are lots of financial counselling services to aid you with this, they have no hidden agendas and they're a superb option for really helping you analyze your situation when it comes to Bankruptcy. If you end up stressing constantly, not sleeping, not eating or over-eating and thinking of money pressures regularly, then get some help.

There are also charitable organizations around Adelaide like Lifeline that offer a remarkable service. They will be a sounding board if you just need a person to discuss with you what your options are. Don't let your financial issue destroy your life - in the end it's just money.

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

Bankruptcy in Adelaide - Will I lose my business if I go bankrupt?

When people in Adelaide come to me wanting to talk about Bankruptcy, they are always filled with questions. The internet has plenty of information, but far too much of it is baffling or contradicts itself, so I make it my mission to try and make things more clear. One of the very most simple troubles is 'Will I lose my business if I declare bankruptcy?' The short answer is no. If you are a manager of a company any shape or size you can keep your business if you wish to. In Adelaide, businesses that eventually become insolvent have a few options for instance liquidation, voluntary administration and so on. It's individuals who go bankrupt not businesses.

Bankruptcy is a complex area so get some reliable advice on this one if you have a business. Generally speaking, the debts in a business and personal debts go hand in hand when a business owner declares bankruptcy. There are a few vital implications for directors of companies when it pertains to Bankruptcy in Adelaide: A bankrupt can not be a director of a company, so if you have a pty ltd company you definitely will need to retire as a director as soon as you're bankrupt.

A restriction that applies when you are generally bankrupt as a business owner is that you may be in your very own business as a sole trader only. Certainly there are things you must reveal as a part of that but generally you can still run your business. For some business owners, bankruptcy affects their ability to run the business because of the licensing issues. For example, if you run a building company, your license will be suspended once you're bankrupt and consequently you can not trade without that license, so make sure you are asking the ideal questions when it comes to licenses and Bankruptcy in Adelaide.

But if your business is not impacted directly by such issues, then you'll will need to restructure the way you run your business. There are considerations when and if you go bankrupt as a business owner: you can not rack up heaps of debt in your company, then go bankrupt then open the doors the next day like not a thing had happened. There are laws in place to stop what is called phoenix companies growing out of the ashes of an old company.

Having said that, it's just a matter of speaking with the right people about Bankruptcy. In this situation you may think you need a liquidator for your business, and you could be right, but remember that every liquidator is unique and have their own motives. Liquidators make money from your liquidation - heaps of money - so exactly what advice do you think you will get?

When it comes to Bankruptcy, I think that giving generic advice in this area is potentially perilous as it can have very substantial implications for directors and business owners. This is because it is one of those cases where what the right guidance for one business owner is the inappropriate advice for the other. There are some fundamentals however, that you may benefit from. There is no restriction to the size of the business you run even though you are bankrupt. You can employ staff. You can constantly deal with your vendors under certain conditions, the main one being you will need to meet the payment terms agreed upon.

So when it comes to Bankruptcy, don't get overly worried about what you can and can't do as a business owner, just get the appropriate advice ... If you would like to learn more about what to do, exactly where to turn and what questions to ask about Bankruptcy, then feel free to get in touch with Fresh Start Solutions Adelaide on 1300 818 575, or visit our website: .freshstartsolutions.com.au/bankruptcy-Adelaide

Bankruptcy in Adelaide - Will my income be altered if I go bankrupt?

Bankruptcy Adelaide is a complicated process, and you have to be sure you get the right guidance. And when it comes to your income being affected, the answer to the question is maybe. The first thing you need to know about going bankrupt is there is no rule on how much you can earn. However, I will say that your income is a major consideration when working through when it comes to Bankruptcy.

The very first thing you need to learn about this area of Bankruptcy is just how much you can earn before you start paying back money to your creditors via your trustee (see table below).

Net income is the pre-tax/ in the hand quantity you earn each year. A dependant is someone who lives with you and earns less than $3,124 per year (regardless of their age).

You can make an application for a hardship variation that raises the threshold amount, if you have financial commitments in Adelaide like medical, child care, substantial travel to and from work, or a situation where your spouse used to work but is not able to add to the household income.

Some of the insightful parts of Bankruptcy is that your employer will not be told when you file for bankruptcy. Also, Child support is always looked at in bankruptcy, if you receive child support that is not factored in as income. If you pay child support this will be also thought about, for example if you provide $5,000 child support each year and you have no dependents living with you then your changed net income limit will be $55,332.10.

There are more issues surrounding income and what is or isn't considered income - if you're not sure, it's best to get specialist advice. The reason you need to consider your income as a part of the Big 5 questions here is that bankruptcy is in some cases not an economically practical option.

If one of your creditors is the ATO (for unpaid taxes), then your tax refund can be taken by the ATO while you are bankrupt to contribute toward your tax bill. If you don't have a tax bill then you will keep your tax refund provided that doesn't take you over your threshold income limits.

If you believe that when it comes to Bankruptcy, your situation is more challenging, then please get professional advice in Adelaide. I may sound like a broken record, but remember that it's always a smart idea to work through these options before declaring bankruptcy, since once you have filed the paperwork it's too late to change your mind.

If you wish to learn more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to contact Fresh Start Solutions Adelaide on 1300 818 575, or explore our website:freshstartsolutions.com.au/bankruptcy-Adelaide

Bankruptcy in Adelaide - Choices, Choice, Choices

When it comes to Bankruptcy Adelaide, there are a great deal of choices that we get given depending upon who we are, who we talk with, and just what has happened. Among the most common confusion I see with Bankruptcy is when it comes to selecting between Debt Consolidation, Personal Insolvency Agreements, and Bankruptcy itself.

Should I consolidate my debts?

When it comes to Bankruptcy in Adelaide, much of the information and facts you receive on this topic will reflect the interests of the advice giver. Therefore, if you call a debt consolidation firm, I can assure you they will tell you to consolidate your debts. The debt consolidation operation is a multi-billion dollar industry making money in one very straightforward way: charging you a fee for helping you wrap every one of your credit card and personal loans into just one neat and tidy package.

I hate to tell you this but these guys aren't going to be doing it free of charge. Please don't misunderstand me: if you think your financial troubles in Adelaide may be solved by paying less interest, then go ahead and consider the choices. Even a little amount of interest saved over years easily adds up.

Generally I find if you are reading this blog you've most likely tried to consolidate your debts already and come to the following realisations such as these:

• Your credit rating is no good, and your credit file already has defaults on it so nobody will give you a loan, consolidated or otherwise,.

• By the time you work all of it out, you're so far down a hole that saving on a bit of interest simply won't make a great deal of difference,.

• You've most probably reached the point where you've had enough, you're mentally fatigued, you can't go on one more day ignoring blocked calls on your phone, ignoring the demands in the mail etc.

Personal Insolvency Agreements

So when it concerns Bankruptcy in Adelaide, what's the huge difference between a Debt Agreement and a Personal Insolvency Agreement?

Flexibility is the main thing Personal Insolvency Agreements (PIA) have in their favour. They're also administered by a registered and - may I add - regulated trustee featuring the government trustee ITSA, and not a private agency that advertises on TV. Essentially this method is similar to Debt Agreements (DA): The trustee has a meeting with the people you owe money to and these guys mediate a deal on your behalf. You can give a lump sum settlement figure or enter into a payment plan, or perhaps you can offer them assets instead of cash. This can sound okay when it comes to the problems with Bankruptcy - that is until you realize that one of the challenges with PIA's is that 75 % of the people you owe money to must agree on the deal. If they do not, your proposal is denied or will need to be renegotiated.

Generally the people you owe money want all their money back as well as interest. Sometimes they'll go for under the amount you owe them - it's generally a percentage of the debt - but let me stress this aspect: because of all the variables involved in the negotiation process to put together a PIA its difficult to put a figure on what the people you owe money to will in fact settle for.

Most of the time you'll have to pay back 100 % of the debt owed. This is not just because your creditors are greedy or have a mean streak, it's because the administrators take 20 % of whatever is agreed upon with the people you owe money to. That applies whether you use a private company for this process or ITSA, the government body setup to administer to these PIAs.

When it comes to Bankruptcy and insolvency I've come across creditors going for less 80 % on rare occasions, but that usually only occurs with a public company going into receivership owing huge sums of money (the kind that makes the news). If you are were owed $10million and you know the people who owe you the money have a team of brilliant lawyers and some very clever structures in place and they offer 5 % of the debt, you might take it and be grateful. Sadly, ordinary punters like you and me in Adelaide aren't going to get that lucky!

If you want to find out more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to contact Fresh Start Solutions Adelaide on 1300 818 575, or visit our website:freshstartsolutions.com.au/bankruptcy-Adelaide

Bankruptcy in Adelaide- Are you going to get bitten?

When people in Adelaide ask me about Bankruptcy, 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 view one last sunset before he passes away. The boy was hesitant, but the rattlesnake promised not to bite him in exchange for the ride. They journeyed together only for the snake to ultimately attack the boy despite his assurance 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 Adelaide when it relates to Bankruptcy is a whole lot like that little boy's journey, tangled up with risk and danger, and generally skewed for the benefit of the person giving 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 discovered the problem with getting financial advice as a teenager, and it has been key 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 fairly high and investing your money was rather profitable. I spent time researching many different 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 very different idea of what I should do. This baffled me so much that it put me off the entire idea of opting for any of them.

I'm sure currently you have read enough on the internet to be totally mixed up about Bankruptcy and just what to do. It would most likely 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 Adelaide. In essence, you need to try and comprehend what your overarching alternatives are, do your very own research into where to proceed with your strategy for Bankruptcy, and then approach just what you feel is best in Adelaide for your needs. Basically, you have 3 options for who to turn to.

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

Another choice you may consider 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 Bankruptcy, your accountant won't be much help to you anymore.

Your best bet? A Financial Counsellor that can talk about debt consolidation, personal insolvency agreements, and basically all you have to understand when it comes to Bankruptcy.

If you would like to learn more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to consult with Fresh Start Solutions Adelaide on 1300 818 575, or visit our website: www.freshstartsolutions.com.au/bankruptcy-Adelaide