Bankruptcy Issues? Did you know that your Bankruptcy term may be prolonged?

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Bankruptcy Issues? Did you know that your Bankruptcy term may be prolonged?

My mission right now is to try and warn you regarding likely complications you may have with Bankruptcy to make sure that you can avoid making errors!

When it involves Bankruptcy, there is lots of complication and false information because of how complex it could be, and how emotionally charged persons are when they are experiencing it. Here at Bankruptcy Experts Geraldton we certainly want to ensure individuals know that if you make mistakes it may be stretched from 3 years to 5 (or even 8) years!

Indeed, this indicates that you will remain even further in the ‘Bankruptcy limbo’ so avoid setting off any of the following aspects– because if you do, then Bankruptcy becomes far more challenging.

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

MINOR BREACHES– Extend to 5 Years

As I mentioned, Bankruptcy is complex, so just ensure you act truthfully. Before entering into insolvency you need to ensure you declare everything– because if it is discovered that you made a preferential payment, or entered into an undervalued financial transaction this will be a minor breach and will increase the term. On top of that, you have to make sure that you stay clear of particular things while you are insolvent, so please:

– Do not work as a Director of a company.

– Do not depart Australia without the permission of your Trustee

– Do not acquire 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 property

– Do not fail to go to an interview organized by your trustee without reasonable explanation.

MAJOR BREACHES– Extend to 8 Years.

So when it relates to Bankruptcy, there are some aspects that if you are in violation can effectively end up increasing the term to 8 years. This is obviously something you will wish to steer clear of. So please, while Insolvent:

– Do not fail to give written explanation to the trustee concerning any issues occurring from residential 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 reveal the reason of any money invested or property sold 5 years prior to insolvency

And furthermore, if before insolvency you did any of the following:

– Intentionally provided any false or misleading details to your trustee

– Participated in a transaction, or excessive payments into your superannuation fund with the intent to defeat lenders

Bankruptcy and these forms of duration increases in Australia are usually difficult and tricky, and unfortunately, what I have just listed is just the tip of the Iceberg. If you need to know more about Bankruptcy do not hesitate to seek advice from us here at Bankruptcy Experts Geraldton on 1300 795 575, or visit our website: www.bankruptcyexpertsgeraldton.com.au

By | 2017-10-12T02:57:14+00:00 December 20th, 2016|Bankruptcy, Liquidation|0 Comments

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