Bankruptcy Issues? Did you know that your Bankruptcy period can be extended?

My goal right now is to try and inform you regarding potential problems you may have with Bankruptcy so that you can stay clear of making errors!

When it includes Bankruptcy, there is lots of difficulty and misinformation as a result of how complicated it might be, and how emotionally charged persons are whenever they are going through it. Here at Bankruptcy Experts Ipswich we absolutely wish to make sure people recognize that if you make errors it may be extended 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 triggering any of the following facets– because if you do, then Bankruptcy becomes far more challenging.

The standard factor that a Bankruptcy period will be stretched is if you act dishonestly or unethically.

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MINOR BREACHES– Extend to 5 Years

As I mentioned, Bankruptcy is complex, so just make sure you behave genuinely. Before entering into bankruptcy you must ensure that you state everything– because if it is identified that you made a preferential payment, or entered into an underestimated financial transaction this will be a minor breach and will prolong the term. In addition to that, you have to make certain that you stay away from particular aspects while you are insolvent, so please:

– Do not work as a Director of a company.

– Do not depart 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 lenders

– Do not fail to reveal a beneficial interest or asset

– Do not fail to go to an interview organized by your trustee without 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 increasing the term to 8 years. This is certainly something you will want to steer clear of. So please, while Insolvent:

– Do not fail to give written explanation to the trustee regarding any issues occurring from residential property or earnings.

– Do not incur 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 disclose the reason of any money spent or property sold 5 years prior to bankruptcy

And furthermore, if before personal bankruptcy 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 intent to overpower lenders

Bankruptcy and these kinds of duration extensions in Australia are always complex and tricky, and sadly, what I have just detailed is just the tip of the Iceberg. If you need to know more about Bankruptcy don’t hesitate to seek advice from us here at Bankruptcy Experts Ipswich on 1300 795 575, or visit our website: www.bankruptcyexpertsipswich.com.au