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Bankruptcy Issues? Did you know that your Bankruptcy duration can be prolonged?

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Bankruptcy Issues? Did you know that your Bankruptcy duration can be prolonged?

My mission today is to try and alert you about potential problems you might have with Bankruptcy so that you can stay clear of making mistakes!

When it includes Bankruptcy, there is lots of confusion and misinformation because of how challenging it may be, and how emotionally charged individuals are when they are going through it. Here at Bankruptcy Experts Gosford we definitely want to make sure individuals know that if you make errors it can be stretched from 3 years to 5 (or even 8) years!

Yes, this indicates 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 ends up being a lot more difficult.

The general factor that a Bankruptcy term will be stretched is if you behave dishonestly or unethically.

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MINOR BREACHES – Extend to 5 Years

As I said, Bankruptcy is complicated, so just make sure you behave truthfully. Before entering into insolvency you must ensure that you state everything– simply because if it is found that you made a preferential payment, or participated in an underestimated transaction this will be a minor breach and will prolong the term. In addition to that, you have to make sure that you stay clear of particular things while you are bankrupt, so please:

  •  Do not serve as a Director of a company.
  •  Do not leave 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 creditors
  •  Do not fail to reveal a beneficial interest or property
  •  Do not fail to go to an interview arranged by your trustee without reasonable 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 end up prolonging the term to 8 years. This is undoubtedly something you will want to steer clear of. So please, while Insolvent:

  •  Do not fail to give written explanation to the trustee concerning any issues occurring from property or income.
  •  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 reveal 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 furthermore, if before insolvency you did any of the following:

  •  Intentionally offered any false or misleading details to your trustee
  •  Participated in a transaction, or extreme payments into your superannuation fund with the intent to defeat lenders

Bankruptcy and these sorts of term increases in Australia are usually complex and intricate, and sadly, what I have just noted is only the tip of the Iceberg. If you need to know more about Bankruptcy feel free to seek advice from us here at Bankruptcy Experts Gosford on 1300 795 575, or go to our website: www.bankruptcyexpertsgosford.com.au

By | 2018-07-27T05:34:49+00:00 December 20th, 2016|Article, Bankruptcy, Blog|0 Comments

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