My objective 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 errors!

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When it includes Bankruptcy, there is lots of confusion and false information because of how tricky it might be, and how emotionally charged persons are when they are experiencing it. Here at Bankruptcy Experts Tweed Coast we definitely want to ensure people understand that if you make mistakes it could be stretched from 3 years to 5 (or even 8) years!

Indeed, this indicates that you will continue being even further in the ‘Bankruptcy limbo’ so avoid triggering any one of the following areas– because if you do, then Bankruptcy ends up being much more complicated.

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 honestly. Before entering into bankruptcy you need to ensure you declare every little thing– because if it is identified that you made a preferential payment, or participated in an undervalued transaction this will be a minor breach and will extend the term. On top of that, you should make sure that you avoid certain things while you are insolvent, so please:

  •  Do not serve as a Director of a company.
  •  Do not leave Australia without the approval of your Trustee
  •  Do not incur 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 asset
  •  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 facets that if you are in violation can effectively end up extending the term to 8 years. This is certainly something you will want to avoid. 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 incur more credit than the prescribed amount
  •  Do not depart Australia and fail to come back when requested by the trustee.
  •  Do not refuse to sign a file after the trustee has asked for you to sign it.
  •  Do not fail to disclose a beneficial interest in an asset.
  •  Do not fail to reveal the purpose of any money invested or property sold 5 years prior to personal bankruptcy

And again, if prior to bankruptcy you did any one of the following:

  •  Intentionally offered any false or misleading details to your trustee
  •  Entered into a transaction, or excessive payments into your superannuation fund with the objective to defeat lenders

Bankruptcy and these sorts of term increases in Australia are regularly complex and complicated, and unfortunately, what I have just listed is just the tip of the Iceberg. If you need to understand more about Bankruptcy feel free to speak with us here at Bankruptcy Experts Tweed Coast on 1300 795 575, or go to our website: Bankruptcy Tweedcoast