My mission right now is to try and warn you regarding potential complications you might have with Bankruptcy to ensure that you can stay clear of making errors!
When it involves Bankruptcy, there is lots of complication and misinformation as a result of how complicated it could be, and how emotionally charged individuals are whenever they are experiencing it. Here at Bankruptcy Experts Toowoomba we definitely intend to make certain people recognize that if you make errors it could be extended from 3 years to 5 (or even 8) years!
Indeed, this means that you will stay even further in the ‘Bankruptcy limbo’ so avoid triggering any one of the following areas– because if you do, then Bankruptcy ends up being much more tricky.
The general reason that a Bankruptcy term will be prolonged is if you behave dishonestly or unethically.
MINOR BREACHES – Extend to 5 Years
As I said, Bankruptcy is complicated, so just ensure you behave genuinely. Before entering into insolvency you have to make sure you state every little thing– because if it is identified that you made a special payment, or participated in an underestimated financial transaction this will be a minor breach and will extend the term. In addition to that, you have to make sure that you avoid particular things while you are insolvent, so please:
- Do not work as a Director of a company.
- Do not depart Australia without the approval of your Trustee
- Do not acquire 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 asset
- Do not fail to go to a meeting arranged by your trustee without having 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 end up prolonging the term to 8 years. This is undoubtedly something you will wish to prevent. So please, while Insolvent:
- Do not fail to give written explanation to the trustee concerning any issues occurring from property or earnings.
- Do not incur more credit than the prescribed amount
- Do not depart 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 spent or property sold 5 years prior to personal bankruptcy
And again, if before insolvency you did any of the following:
- Deliberately offered any false or misleading details to your trustee
- Participated in a transaction, or excessive payments into your superannuation fund with the intention to defeat creditors
Bankruptcy and these forms of duration extensions in Australia are usually difficult and intricate, and sadly, what I have just noted is just the tip of the Iceberg. If you need to understand more about Bankruptcy feel free to speak with us here at Bankruptcy Experts Toowoomba on 1300 795 575, or go to our website: www.bankruptcyexpertstoowoomba.com.au