Bankruptcy Problems? Did you know that your Bankruptcy period could be extended?
My objective today is to try and inform you regarding possible problems you could have with Bankruptcy so that you can avoid making errors!
When it includes Bankruptcy, there is a great deal of difficulty and misinformation due to how complicated it can be, and how emotionally charged individuals are whenever they are going through it. Here at Bankruptcy Experts Bunbury we absolutely intend to ensure people realize that if you make errors it could be stretched from 3 years to 5 (or even 8) years!
Yes, this suggests that you will stay even further in the ‘Bankruptcy limbo’ so stay clear of setting off any one of the following aspects– because if you do, then Bankruptcy becomes much more tough.
The basic reason that a Bankruptcy term will be prolonged is if you behave dishonestly or unethically.
MINOR BREACHES– Extend to 5 Years
As I said, Bankruptcy is complex, so just ensure you act honestly. Before entering into insolvency you have to ensure that you declare everything– simply because if it is found that you made a special payment, or entered into an underestimated transaction this will be a minor breach and will prolong the term. On top of that, you have to make sure that you stay clear of certain aspects 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 acquire 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 asset
– Do not fail to go to an interview arranged 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 are in violation can effectively end up prolonging the term to 8 years. This is certainly something you will want to avoid. So please, while Bankrupt:
– Do not fail to give written explanation to the trustee regarding any issues developing from property or earnings.
– 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 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 invested or property sold 5 years prior to bankruptcy
And furthermore, if before insolvency you did any of the following:
– Deliberately provided any false or misleading information to your trustee
– Participated in a transaction, or extreme payments into your superannuation fund with the intention to overpower lenders
Bankruptcy and these forms of term increases in Australia are always challenging and intricate, and sadly, what I have just listed is only the tip of the Iceberg. If you need to understand more about Bankruptcy feel free to talk to us here at Bankruptcy Experts Bunbury on 1300 795 575, or go to our website: www.bankruptcyexpertsbunbury.com.au