Bankruptcy Troubles? Did you know that your Bankruptcy term may be extended?
My objective today is to try and inform you about potential troubles you might have with Bankruptcy to ensure that you can avoid making mistakes!
When it involves Bankruptcy, there is lots of confusion and misinformation because of how complex it could be, and how emotionally charged people are when they are undergoing it. Here at Bankruptcy Experts Tablelands we absolutely want to make certain people know that if you make errors it could be extended from 3 years to 5 (or even 8) years!
Indeed, this indicates that you will continue being even longer in the ‘Bankruptcy limbo’ so stay clear of triggering any one of the following facets– because if you do, then Bankruptcy becomes far more challenging.
The basic factor that a Bankruptcy term will be prolonged is if you act dishonestly or unethically.
MINOR BREACHES– Extend to 5 Years
As I stated, Bankruptcy is complex, so just make sure you behave genuinely. Before entering into bankruptcy you need to ensure you state everything– simply because if it is found that you made a special payment, or entered into an undervalued financial transaction this will be a minor breach and will lengthen the term. On top of that, you should ensure that you stay clear of certain things while you are insolvent, so please:
– Do not serve as a Director of a company.
– Do not leave Australia without the permission of your Trustee
– Do not incur credit more that the prescribed amount
– Do not fail to show up at a meeting of your lenders
– Do not fail to disclose a beneficial interest or property
– Do not fail to go to an interview organized by your trustee without having justifiable explanation.
MAJOR BREACHES– Extend to 8 Years.
So when it relates to Bankruptcy, there are some areas that if you find yourself in violation can effectively find yourself increasing the term to 8 years. This is certainly something you will wish to prevent. So please, while Bankrupt:
– Do not fail to give written explanation to the trustee regarding any issues occurring from property or earnings.
– Do not acquire more credit than the prescribed amount
– Do not leave Australia and fail to come back when asked by the trustee.
– Do not refuse to sign a file after the trustee has requested you to sign it.
– Do not fail to disclose a beneficial interest in an asset.
– Do not fail to reveal the reason of any money spent or property sold 5 years before personal bankruptcy
And furthermore, if prior to bankruptcy you did any one of the following:
– Intentionally offered any false or misleading information to your trustee
– Entered into a transaction, or extreme payments into your superannuation fund with the intention to defeat lenders
Bankruptcy and these sorts of duration extensions in Australia are typically difficult and complicated, and unfortunately, what I have just noted is just the tip of the Iceberg. If you need to know more about Bankruptcy do not hesitate to consult with us here at Bankruptcy Experts Tablelands on 1300 795 575, or go to our website: www.bankruptcyexpertstablelands.com.au