Bankruptcy Issues? Did you know that your Bankruptcy duration can be prolonged?
My objective today is to try and inform you about likely complications you could have with Bankruptcy to make sure that you can avoid making errors!
When it includes Bankruptcy, there is a great deal of difficulty and misinformation due to how challenging it may be, and how emotionally charged persons are when they are experiencing it. Here at Bankruptcy Experts we absolutely intend to make sure people recognize that if you make mistakes it may be extended from 3 years to 5 (or even 8) years!
Indeed, this suggests that you will stay even longer in the ‘Bankruptcy limbo’ so avoid triggering any of the following facets– because if you do, then Bankruptcy becomes much more tricky.
The standard factor that a Bankruptcy duration will be extended is if you behave dishonestly or unethically.
MINOR BREACHES– Extend to 5 Years
As I mentioned, Bankruptcy is complex, so just make sure you act genuinely. Before entering into insolvency you need to ensure you declare every little thing– simply because if it is identified that you made a special payment, or entered into an underestimated financial transaction this will be a minor breach and will prolong the term. On top of that, you need to make sure that you stay away from certain things while you are bankrupt, so please:
– Do not work as a Director of a company.
– Do not leave Australia without the approval of your Trustee
– Do not acquire credit more that the prescribed quantity
– Do not fail to show up at a meeting of your creditors
– Do not fail to reveal a beneficial interest or asset
– Do not fail to go to a meeting arranged by your trustee without having reasonable explanation.
MAJOR BREACHES– Extend to 8 Years.
So when it relates to Bankruptcy, there are some aspects that if you find yourself in violation can effectively end up increasing the term to 8 years. This is certainly something you will wish to steer clear of. So please, while Bankrupt:
– Do not fail to give written explanation to the trustee regarding any issues occurring from property or income.
– Do not acquire more credit than the prescribed amount
– Do not leave Australia and fail to return when asked by the trustee.
– Do not refuse to sign a file after the trustee has asked for you to sign it.
– Do not fail to reveal a beneficial interest in an asset.
– Do not fail to reveal the purpose of any money invested or property sold 5 years prior to bankruptcy
And furthermore, if prior to personal bankruptcy you did any one of the following:
– Deliberately offered any false or misleading details to your trustee
– Participated in a transaction, or excessive payments into your superannuation fund with the objective to defeat creditors
Bankruptcy and these forms of duration extensions in Australia are regularly difficult to understand and intricate, and sadly, what I have just listed is only the tip of the Iceberg. If you need to understand more about Bankruptcy do not hesitate to talk to us here at Bankruptcy Experts on 1300 795 575, or visit our website: www.bankruptcyexperts.com.au