My mission right now is to try and inform you about potential problems you could have with Bankruptcy so that you can stay clear of making mistakes!
When it involves Bankruptcy, there is lots of complication and false information because of how difficult it might be, and how emotionally charged persons are when they are experiencing it. Here at Bankruptcy Experts Port Macquarie we definitely intend to ensure people understand that if you make errors it may be stretched from 3 years to 5 (or even 8) years!
Yes, this means that you will stay even further in the ‘Bankruptcy limbo’ so stay clear of setting off any one of the following facets– because if you do, then Bankruptcy ends up being a lot more challenging.
The general factor that a Bankruptcy duration will be extended is if you act dishonestly or unethically.
MINOR BREACHES– Extend to 5 Years
As I said, Bankruptcy is complicated, so just make sure you act truthfully. Before entering into bankruptcy you need to ensure that you declare every little thing– simply because if it is identified that you made a special payment, or participated in an undervalued transaction this will be a minor breach and will lengthen the term. In addition to that, you should make certain that you stay away from certain aspects while you are bankrupt, so please:
– Do not function as a Director of a company.
– Do not depart Australia without the consent of your Trustee
– Do not acquire 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 asset
– Do not fail to go to an interview 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 Bankrupt:
– 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 return when asked 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 insolvency
And again, if prior to insolvency you did any one of the following:
– Deliberately offered any false or misleading information to your trustee
– Entered into a transaction, or extreme payments into your superannuation fund with the intent to overpower creditors
Bankruptcy and these kinds of duration increases in Australia are usually difficult to understand and intricate, and sadly, what I have just detailed is just the tip of the Iceberg. If you need to understand more about Bankruptcy don’t hesitate to seek advice from us here at Bankruptcy Experts Port Macquarie on 1300 795 575, or visit our website: www.bankruptcyexpertsportmacquarie.com.au