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Our small business accountants in Melbourne have 5 tips for avoiding bankruptcy

Have you been in a tight spot over the past few years and worried about hitting bankruptcy? Well our small business accountants in Melbourne have a few tips on how to avoid this concept.

Businesses and individuals have the ability to file for bankruptcy for various reasons, but doing this causes someone to declare complete insolvency and no one wants that. So here are some tips from our accountants for small business in Southbank:

• Find out ways that you can settle all of your remaining debts and always keep a close eye on your budget so that you have the ability to do this
• Sell any property that you can, or won’t impact your life as much. If you’re about to declare bankruptcy, your properties normally go up for review by a trustee who makes the final decision
• Get help from family and friends prior to avoid bankruptcy, see how much money you can raise and then you have the chance to pay them all back slowly
• Find alternative sources of income
• Be sure to monitor your credit score, a low score can result in your being denied any refinancing which can help you in dire situations

As Melbourne’s small business accountants, we want to ensure that everyone gets the chance to avoid bankruptcy.

If you have you have any enquiries, please don’t hesitate to get in contact with our small business accountants in Melbourne.