My goal right now is to try and alert you regarding potential issues you might have with Bankruptcy so that you can avoid making mistakes!
When it involves Bankruptcy, there is a great deal of difficulty and misinformation due to how complicated it can be, and how emotionally charged persons are when they are experiencing it. Here at Bankruptcy Experts Shellharbour we certainly intend to make certain individuals realize that if you make mistakes it can be extended from 3 years to 5 (or even 8) years!
Indeed, this suggests that you will remain even longer in the ‘Bankruptcy limbo’ so stay clear of triggering any of the following facets– because if you do, then Bankruptcy becomes much more complicated.
The general reason that a Bankruptcy term will be stretched is if you act dishonestly or unethically.
As I said, Bankruptcy is complicated, so just make sure you act honestly. Before entering into bankruptcy you need to ensure you declare everything– because if it is found that you made a special payment, or participated in an undervalued 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 bankrupt, so please:
– Do not act as a Director of a company.
– Do not leave Australia without the consent 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 disclose 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 facets that if you are in violation can effectively find yourself extending 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 arising from property or earnings.
– Do not acquire more credit than the prescribed amount
– Do not leave Australia and fail to return 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 disclose 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 again, if prior to personal bankruptcy you did any of the following:
– Intentionally 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 creditors
Bankruptcy and these types of term extensions in Australia are always 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 do not hesitate to seek advice from us here at Bankruptcy Experts Shellharbour on 1300 795 575, or go to our website: www.bankruptcyexpertsshellharbour.com.au