My goal today is to try and inform you regarding potential complications you could have with Bankruptcy to ensure that you can avoid making mistakes!
When it includes Bankruptcy, there is a great deal of difficulty and misinformation because of how complicated it might be, and how emotionally charged individuals are whenever they are going through it. Here at Bankruptcy Experts Parramatta we definitely intend to make certain people realize that if you make mistakes it may be stretched from 3 years to 5 (or even 8) years!
Indeed, this suggests that you will continue being even longer in the ‘Bankruptcy limbo’ so stay clear of triggering any one of the following areas– because if you do, then Bankruptcy ends up being far more tough.
The standard reason 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 act honestly. Before entering into insolvency you must ensure that you declare every little thing– simply because if it is found that you made a preferential payment, or participated in an undervalued financial transaction this will be a minor breach and will stretch the term. On top of that, you need to ensure that you stay away from certain 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 amount
– Do not fail to show up at a meeting of your lenders
– Do not fail to disclose a beneficial interest or property
– Do not fail to go to a meeting arranged by your trustee without having reasonable explanation.
MAJOR BREACHES– Extend to 8 Years.
So when it relates to Bankruptcy, there are some aspects that if you find yourself in violation can effectively end up increasing the term to 8 years. This is certainly 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 property or earnings.
– Do not incur 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 asked for 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 invested or property sold 5 years before bankruptcy
And furthermore, if before bankruptcy you did any of the following:
– Deliberately provided any false or misleading information to your trustee
– Entered into a transaction, or excessive payments into your superannuation fund with the intention to overpower lenders
Bankruptcy and these sorts of term extensions in Australia are regularly complex and complicated, and sadly, what I have just listed is only the tip of the Iceberg. If you need to know more about Bankruptcy feel free to speak with us here at Bankruptcy Experts Parramatta on 1300 795 575, or visit our website: www.bankruptcyexpertsparramatta.com.au