My mission right now is to try and inform you regarding potential troubles you may have with Bankruptcy to make sure that you can avoid making mistakes!
When it involves Bankruptcy, there is a great deal of confusion and false information because of how tricky it can be, and how emotionally charged a lot of people are when they are experiencing it. Here at Bankruptcy Experts Shepparton we definitely want to make certain individuals understand that if you make mistakes it could be extended from 3 years to 5 (or even 8) years!
Indeed, this indicates that you will stay even further in the ‘Bankruptcy limbo’ so avoid triggering any of the following areas– because if you do, then Bankruptcy becomes much more difficult.
The general reason that a Bankruptcy duration will be extended is if you behave dishonestly or unethically.
MINOR BREACHES – Extend to 5 Years
As I stated, Bankruptcy is complicated, so just make sure you behave honestly. Before entering into insolvency you have to ensure you declare every little thing– because if it is identified that you made a special payment, or participated in an underestimated transaction this will be a minor breach and will stretch the term. On top of that, you need to make certain that you stay clear of particular aspects while you are insolvent, so please:
- Do not work as a Director of a company.
- Do not leave Australia without the approval of your Trustee
- Do not incur 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 an interview arranged 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 are in violation can effectively end up extending the term to 8 years. This is undoubtedly something you will want to steer clear of. So please, while Insolvent:
- Do not fail to give written explanation to the trustee regarding any issues occurring from property or earnings.
- Do not incur 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 disclose the purpose of any money invested or property sold 5 years before bankruptcy
And again, if before personal bankruptcy you did any one of the following:
- Deliberately offered any false or misleading information to your trustee
- Participated in a transaction, or excessive payments into your superannuation fund with the objective to overpower creditors
Bankruptcy and these kinds of term increases in Australia are always perplexing and complicated, and unfortunately, what I have just listed is just the tip of the Iceberg. If you need to understand more about Bankruptcy don’t hesitate to seek advice from us here at Bankruptcy Experts Shepparton on 1300 795 575, or go to our website: www.bankruptcyexpertsshepparton.com.au