Thursday, May 5, 2016

Bankruptcy in Coffs Harbour - Are you going to get bitten?


When people in Coffs Harbour 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 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 in the end bite the boy despite his vow not to do so. The snake's reply was 'You knew what I was when you picked me up.

Getting the right financial advice in Coffs Harbour when it relates to Bankruptcy is a lot like that little boy's experience, fraught with risk and danger, and usually skewed for the benefit of the person giving 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 receiving financial advice as a teenager, and it has been vital to Bankruptcy. 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 rather high and investing your money was quite profitable. I spent some 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 great suits and plush offices, they all appeared to exude confidence and have all the solutions. What hit me was that they all had a very different strategy of what I should do. This baffled me so much that it put me off the whole idea of picking any of them.

I'm sure by now you have read enough on the internet to be totally bewildered about Bankruptcy and just what to do. It would most likely be easier for me to help you understand the nature of the financial snakes you could be grabbing while you are trying to get to the bottom of your financial troubles in Coffs Harbour. Basically, you have to try and recognize what your overarching choices are, do your own research into where to proceed with your plan for Bankruptcy, and after that approach what you feel is best in Coffs Harbour for your needs. Essentially, you have 3 options for who to turn to.

The first option is a Solicitor - This may feel like the go-to approach when you seem to be in trouble. But there certainly is only just so much help they can give on this matter. There are certainly specialist legal advisors in bankruptcy, but their experience features a hefty price.
Another possibility 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 of Bankruptcy, your accountant won't be much help to you at all.

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

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 speak to Bankruptcy Experts Coffs Harbour on 1300 795 575, or visit our website:bankruptcyexpertsCoffsHarbour.com.au.

1 comment:

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