My mission right now is to try and warn you regarding likely troubles you may have with Bankruptcy to make sure that you can stay clear of making mistakes!

When it involves Bankruptcy, there is a great deal of complication and misinformation as a result of how challenging it might be, and how emotionally charged individuals are whenever they are undergoing it. Here at Bankruptcy Experts Rockhampton we certainly want to ensure individuals recognize that if you make mistakes it can be stretched from 3 years to 5 (or even 8) years!

Yes, this suggests that you will continue being even further in the ‘Bankruptcy limbo’ so avoid setting off any of the following aspects– because if you do, then Bankruptcy ends up being far more challenging.

The general factor that a Bankruptcy duration will be extended 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 ensure you behave honestly. Before entering into bankruptcy you need to ensure you state everything– simply because if it is discovered that you made a special payment, or entered into an undervalued financial transaction this will be a minor breach and will extend the term. On top of that, you have to ensure that you avoid particular aspects while you are bankrupt, so please:

– Do not serve as a Director of a company.

– Do not leave Australia without the permission of your Trustee

– Do not incur credit more that the prescribed quantity

– Do not fail to show up at a meeting of your creditors

– Do not fail to reveal a beneficial interest or asset

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

MAJOR BREACHES– Extend to 8 Years.

So when it relates to Bankruptcy, there are some areas that if you find yourself in violation can effectively end up increasing the term to 8 years. This is obviously something you will want to avoid. So please, while Insolvent:

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

– Do not acquire 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 asked for you to sign it.

– Do not fail to reveal a beneficial interest in an asset.

– Do not fail to reveal the purpose of any money invested or property sold 5 years prior to insolvency

And again, if before bankruptcy you did any of the following:

– Deliberately offered any false or misleading information to your trustee

– Entered into a transaction, or excessive payments into your superannuation fund with the intention to defeat lenders

Bankruptcy and these types of term increases in Australia are typically complex 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 speak with us here at Bankruptcy Experts Rockhampton on 1300 795 575, or go to our website: www.bankruptcyexpertsrockhampton.com.au