Bankruptcy Troubles? Did you know that your Bankruptcy term could be prolonged?
My mission right now is to try and warn you regarding possible issues you could have with Bankruptcy to ensure that you can stay away from making errors!
When it involves Bankruptcy, there is a great deal of complication and false information due to how challenging it could be, and how emotionally charged people are when they are going through it. Here at Bankruptcy Experts Tamworth we certainly wish to ensure individuals recognize that if you make errors it may be stretched from 3 years to 5 (or even 8) years!
Indeed, this means that you will continue being even longer in the ‘Bankruptcy limbo’ so avoid triggering any one of the following aspects– because if you do, then Bankruptcy becomes a lot more difficult.
The general reason that a Bankruptcy duration will be stretched 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 truthfully. Before entering into bankruptcy you need to ensure that you state every little thing– because if it is identified that you made a special payment, or entered into an undervalued financial transaction this will be a minor breach and will stretch the term. In addition to that, you should ensure that you stay away from particular things while you are insolvent, so please:
– Do not act as a Director of a company.
– Do not leave Australia without the permission 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 organized by your trustee without 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 find yourself increasing the term to 8 years. This is obviously something you will want to prevent. So please, while Insolvent:
– Do not fail to give written explanation to the trustee regarding any issues developing from residential property or earnings.
– Do not acquire more credit than the prescribed amount
– Do not depart 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 reveal the purpose of any money invested or property sold 5 years prior to bankruptcy
And furthermore, if before bankruptcy 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 objective to defeat lenders
Bankruptcy and these kinds of term increases in Australia are regularly challenging 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 consult with us here at Bankruptcy Experts Tamworth on 1300 795 575, or go to our website: www.bankruptcyexpertstamworth.com.au