My objective right now is to try and alert you about possible troubles you might have with Bankruptcy to ensure that you can stay away from making mistakes!
When it includes Bankruptcy, there is a great deal of complication and misinformation due to how difficult it might be, and how emotionally charged individuals are whenever they are going through it. Here at Bankruptcy Experts Lismore we absolutely wish to make certain people understand that if you make mistakes it could be stretched from 3 years to 5 (or even 8) years!
Indeed, this indicates that you will remain even longer in the ‘Bankruptcy limbo’ so avoid triggering any of the following facets– because if you do, then Bankruptcy becomes much more challenging.
The basic factor that a Bankruptcy period will be extended is if you act dishonestly or unethically.
MINOR BREACHES– Extend to 5 Years
As I mentioned, Bankruptcy is complex, so just make sure you behave genuinely. Before entering into insolvency you must ensure you declare everything– simply because if it is identified that you made a special payment, or entered into an undervalued transaction this will be a minor breach and will increase the term. On top of that, you need to make certain that you stay away from certain aspects while you are bankrupt, so please:
- Do not work as a Director of a company.
- Do not depart Australia without the consent of your Trustee
- Do not acquire credit more that the prescribed quantity
- Do not fail to show up at a meeting of your lenders
- Do not fail to reveal a beneficial interest or property
- Do not fail to go to an interview arranged by your trustee without having justifiable 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 increasing the term to 8 years. This is undoubtedly something you will want to steer clear of. So please, while Bankrupt:
- Do not fail to give written explanation to the trustee regarding any issues developing from residential property or income.
- Do not acquire more credit than the prescribed amount
- Do not depart Australia and fail to come back when requested 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 invested or property sold 5 years before insolvency
And furthermore, if before insolvency you did any of the following:
- Intentionally offered any false or misleading information to your trustee
- Entered into a transaction, or extreme payments into your superannuation fund with the intent to overpower creditors
Bankruptcy and these sorts of term extensions in Australia are typically difficult and tricky, and unfortunately, what I have just listed is just the tip of the Iceberg. If you need to know more about Bankruptcy feel free to talk to us here at Bankruptcy Experts Lismore on 1300 795 575, or visit our website: www.bankruptcyexpertslismore.com.au