My goal today is to try and inform you about likely issues you may have with Bankruptcy to ensure that you can avoid making errors!
When it involves Bankruptcy, there is lots of confusion and misinformation due to how complicated it might be, and how emotionally charged individuals are when they are going through it. Here at Bankruptcy Experts Taree we definitely intend to ensure people recognize that if you make errors it could be stretched from 3 years to 5 (or even 8) years!
Yes, this means that you will remain even further in the ‘Bankruptcy limbo’ so avoid triggering any of the following facets– because if you do, then Bankruptcy becomes a lot more tough.
The general reason that a Bankruptcy duration will be prolonged is if you behave dishonestly or unethically.
MINOR BREACHES – Extend to 5 Years
As I mentioned, Bankruptcy is complex, so just ensure you behave truthfully. Before entering into insolvency you need to ensure that you state everything– because if it is discovered that you made a special payment, or participated in an undervalued financial transaction this will be a minor breach and will lengthen the term. In addition to that, you should make sure that you stay clear of particular 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 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 organized by your trustee without having reasonable explanation.
MAJOR BREACHES – Extend to 8 Years.
So when it relates to Bankruptcy, there are some facets that if you find yourself in violation can effectively find yourself prolonging the term to 8 years. This is obviously something you will want to steer clear of. So please, while Insolvent:
– Do not fail to give written explanation to the trustee concerning any issues arising 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 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 spent or property sold 5 years prior to personal bankruptcy
And again, if before bankruptcy you did any of the following:
– Deliberately provided any false or misleading information to your trustee
– Participated in a transaction, or excessive payments into your superannuation fund with the intention to overpower lenders
Bankruptcy and these types of duration extensions in Australia are typically challenging and intricate, and unfortunately, what I have just listed is only the tip of the Iceberg. If you need to know more about Bankruptcy feel free to talk to us here at Bankruptcy Experts Taree on 1300 795 575, or visit our website: www.bankruptcyexpertstaree.com.au