My goal right now is to try and alert you regarding likely complications you might have with Bankruptcy so that you can stay away from making mistakes!
When it involves Bankruptcy, there is lots of difficulty and false information because of how complicated it can be, and how emotionally charged individuals are when they are undergoing it. Here at Bankruptcy Experts Emerald we certainly wish to make sure individuals know that if you make mistakes it could be stretched from 3 years to 5 (or even 8) years!
Indeed, this means that you will remain even longer in the ‘Bankruptcy limbo’ so stay clear of setting off any of the following aspects– because if you do, then Bankruptcy becomes a lot more tricky.
The general factor that a Bankruptcy term will be prolonged is if you behave dishonestly or unethically.
MINOR BREACHES – Extend to 5 Years
As I stated, Bankruptcy is complex, so just ensure you behave honestly. Before entering into insolvency you must make sure you declare everything– simply because if it is discovered that you made a special payment, or entered into an underestimated transaction this will be a minor breach and will prolong the term. In addition to that, you should make certain that you avoid particular aspects while you are insolvent, so please:
- Do not serve as a Director of a company.
- Do not leave Australia without the approval of your Trustee
- Do not incur credit more that the prescribed amount
- Do not fail to show up at a meeting of your creditors
- Do not fail to reveal a beneficial interest or property
- 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 aspects that if you are in violation can effectively end up increasing the term to 8 years. This is certainly something you will wish to avoid. So please, while Bankrupt:
- Do not fail to give written explanation to the trustee concerning any issues occurring from residential property or income.
- Do not incur 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 asked for 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 prior to bankruptcy
And furthermore, if before bankruptcy you did any one of the following:
- Intentionally offered any false or misleading details to your trustee
- Participated in a transaction, or extreme payments into your superannuation fund with the intention to overpower lenders
Bankruptcy and these sorts of duration increases in Australia are always challenging and intricate, and sadly, what I have just detailed is just the tip of the Iceberg. If you need to understand more about Bankruptcy do not hesitate to talk to us here at Bankruptcy Experts Emerald on 1300 795 575, or visit our website: www.bankruptcyexpertsemerald.com.au