Bankruptcy Issues? Did you know that your Bankruptcy duration may be prolonged?
My objective right now is to try and alert you regarding likely complications you could have with Bankruptcy to ensure that you can stay clear of making mistakes!
When it includes Bankruptcy, there is a great deal of difficulty and misinformation because of how tricky it can be, and how emotionally charged persons are when they are undergoing it. Here at Bankruptcy Experts Geelong we certainly intend to ensure people know that if you make mistakes it may be stretched from 3 years to 5 (or even 8) years!
Indeed, this suggests that you will continue being even longer in the ‘Bankruptcy limbo’ so stay clear of setting off any one of the following aspects– because if you do, then Bankruptcy becomes far more challenging.
The basic reason that a Bankruptcy period will be extended is if you behave dishonestly or unethically.
MINOR BREACHES– Extend to 5 Years
As I mentioned, Bankruptcy is complicated, so just ensure you behave truthfully. Before entering into bankruptcy you have to ensure that you state everything– simply because if it is found that you made a preferential payment, or participated in an underestimated financial transaction this will be a minor breach and will stretch the term. In addition to that, you need to make sure that you stay away from certain things while you are insolvent, so please:
– Do not work as a Director of a company.
– Do not leave Australia without the consent 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 reveal a beneficial interest or asset
– Do not fail to go to an interview organized by your trustee without reasonable explanation.
MAJOR BREACHES– Extend to 8 Years.
So when it relates to Bankruptcy, there are some aspects that if you are in violation can effectively end up prolonging the term to 8 years. This is certainly 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 developing from residential property or income.
– 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 reveal a beneficial interest in an asset.
– Do not fail to reveal the purpose of any money spent or property sold 5 years before bankruptcy
And again, if prior to personal bankruptcy you did any of the following:
– Intentionally provided any false or misleading details to your trustee
– Entered into a transaction, or extreme payments into your superannuation fund with the intent to overpower lenders
Bankruptcy and these kinds of duration increases in Australia are regularly complex and complicated, and unfortunately, what I have just noted is just the tip of the Iceberg. If you need to know more about Bankruptcy don’t hesitate to consult with us here at Bankruptcy Experts Geelong on 1300 795 575, or visit our website: www.bankruptcyexpertsgeelong.com.au