My objective today is to try and alert you regarding likely problems you may have with Bankruptcy to ensure that you can avoid making errors!
When it involves Bankruptcy, there is lots of complication and false information as a result of how tricky it can be, and how emotionally charged a lot of people are when they are going through it. Here at Bankruptcy Experts Brisbane we definitely want to make sure individuals recognize that if you make mistakes it may be stretched from 3 years to 5 (or even 8) years!
Yes, this indicates that you will stay even further in the ‘Bankruptcy limbo’ so avoid setting off any one of the following aspects– because if you do, then Bankruptcy becomes much 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 mentioned, Bankruptcy is complicated, so just make sure you behave genuinely. Before entering into insolvency you must ensure you state everything– because if it is discovered that you made a special payment, or entered into an underestimated financial transaction this will be a minor breach and will increase the term. On top of that, you should make sure that you avoid certain aspects while you are insolvent, so please:
- Do not serve as a Director of a company.
- Do not depart 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 a meeting arranged by your trustee without 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 increasing the term to 8 years. This is certainly something you will wish to steer clear of. 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 reveal a beneficial interest in an asset.
- Do not fail to disclose the reason of any money spent or property sold 5 years before bankruptcy
And again, if prior to bankruptcy you did any one of the following:
- Intentionally provided any false or misleading details to your trustee
- Participated in 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 usually difficult and complicated, and sadly, what I have just noted is only the tip of the Iceberg. If you need to understand more about Bankruptcy don’t hesitate to consult with us here at Bankruptcy Experts Brisbane on 1300 795 575, or visit our website: www.bankruptcyexpertsbrisbane.com.au