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December 20, 2016Comments Closed

Bankruptcy Troubles? Did you know that your Bankruptcy period can be extended?

Posted by:Bankruptcy Specialist onDecember 20, 2016

My objective right now is to try and warn you about likely troubles you could have with Bankruptcy so that you can avoid making errors!
When it involves Bankruptcy, there is lots of complication and false information as a result of how challenging it can be, and how emotionally charged people are whenever they are experiencing it. Here at Bankruptcy Experts Bendigo we definitely wish to make certain people know that if you make errors it may be extended from 3 years to 5 (or even 8) years!
Yes, this suggests that you will continue being even longer in the ‘Bankruptcy limbo’ so stay clear of setting off any of the following facets– because if you do, then Bankruptcy ends up being much more challenging.
The standard factor that a Bankruptcy term will be stretched is if you act dishonestly or unethically.

MINOR BREACHES – Extend to 5 Years
As I said, Bankruptcy is complex, so just make sure you act genuinely. Before entering into insolvency you must ensure you declare everything– simply because if it is discovered that you made a special payment, or entered into an underestimated transaction this will be a minor breach and will prolong the term. On top of that, you need to make sure that you stay clear of particular aspects while you are bankrupt, so please:

  •  Do not function as a Director of a company.
  •  Do not depart 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 asset
  •  Do not fail to go to a meeting arranged 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 are in violation can effectively find yourself increasing the term to 8 years. This is obviously something you will wish to steer clear of. So please, while Bankrupt:

  •  Do not fail to give written explanation to the trustee regarding any issues occurring from property or income.
  •  Do not incur more credit than the prescribed amount
  •  Do not leave Australia and fail to come back 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 disclose a beneficial interest in an asset.
  •  Do not fail to disclose the reason of any money spent or property sold 5 years before bankruptcy

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

  •  Intentionally provided any false or misleading information to your trustee
  •  Entered into a transaction, or extreme payments into your superannuation fund with the intention to defeat lenders

Bankruptcy and these sorts of term increases in Australia are usually confusing and intricate, and sadly, what I have just listed is just the tip of the Iceberg. If you need to know more about Bankruptcy don’t hesitate to consult with us here at Bankruptcy Experts Bendigo on 1300 818 575, or visit our website: www.bankruptcyexpertsbendigo.com.au

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bankruptcy experts,bankruptcy advice free,Bankruptcy Bendigo,Bankrupt Bendigo,Insolvency Bendigo
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