My goal right now is to try and warn you about potential troubles you may have with Bankruptcy so that you can stay clear of making mistakes!
When it involves Bankruptcy, there is lots of difficulty and false information because of how challenging it can be, and how emotionally charged individuals are when they are going through it. Here at Bankruptcy Experts Darwin we definitely wish to make sure individuals realize that if you make mistakes it may be extended from 3 years to 5 (or even 8) years!
Yes, this indicates that you will continue being even longer in the ‘Bankruptcy limbo’ so avoid setting off any of the following aspects– because if you do, then Bankruptcy ends up being far more tricky.
The basic factor that a Bankruptcy period will be stretched is if you behave dishonestly or unethically.
MINOR BREACHES– Extend to 5 Years
As I stated, Bankruptcy is complex, so just make sure you behave truthfully. 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 increase the term. On top of that, you should make sure that you stay clear of certain aspects while you are bankrupt, so please:
– Do not work as a Director of a company.
– Do not leave Australia without the approval 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 property
– Do not fail to go to a meeting organized by your trustee without justifiable explanation.
MAJOR BREACHES– Extend to 8 Years.
So when it relates to Bankruptcy, there are some facets that if you find yourself in violation can effectively find yourself increasing the term to 8 years. This is obviously 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 earnings.
– Do not acquire more credit than the prescribed amount
– Do not leave 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 purpose of any money invested or property sold 5 years before personal bankruptcy
And furthermore, if before bankruptcy you did any one 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 creditors
Bankruptcy and these types of duration extensions in Australia are usually difficult to understand and intricate, and unfortunately, 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 Darwin on 1300 795 575, or visit our website: www.bankruptcyexpertsdarwin.com.au