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

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

My mission today is to try and alert you regarding possible troubles you could have with Bankruptcy to make sure that you can stay away from making errors!

When it includes Bankruptcy, there is a great deal of complication and misinformation because of how complex it could be, and how emotionally charged persons are whenever they are experiencing it. Here at Bankruptcy Experts Frankston we certainly want to make certain people realize that if you make errors it may be extended from 3 years to 5 (or even 8) years!

Indeed, this means that you will continue being even further in the ‘Bankruptcy limbo’ so stay clear of setting off any one of the following areas– because if you do, then Bankruptcy ends up being a lot more tricky.

The standard reason that a Bankruptcy duration will be prolonged is if you behave dishonestly or unethically.

MINOR BREACHES– Extend to 5 Years

As I stated, Bankruptcy is complex, so just make sure you act truthfully. Before entering into bankruptcy you must ensure that you declare everything– because if it is discovered that you made a preferential payment, or participated in an underestimated financial transaction this will be a minor breach and will extend the term. In addition to that, you have to ensure that you avoid certain 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 incur credit more that the prescribed quantity

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

– Do not fail to disclose a beneficial interest or property

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

MAJOR BREACHES– Extend to 8 Years.

So when it relates to Bankruptcy, there are some aspects that if you find yourself in violation can effectively end up prolonging the term to 8 years. This is undoubtedly something you will wish to prevent. 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 leave Australia and fail to come back when requested by the trustee.

– Do not refuse to sign a file after the trustee has requested you to sign it.

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

– Do not fail to disclose the reason of any money spent or property sold 5 years prior to personal bankruptcy

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

– Intentionally provided any false or misleading details to your trustee

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

Bankruptcy and these forms of duration increases in Australia are usually complex and complicated, and unfortunately, what I have just detailed is just the tip of the Iceberg. If you need to know more about Bankruptcy feel free to consult with us here at Bankruptcy Experts Frankston on 1300 795 575, or go to our website: www.bankruptcyexpertsfrankston.com.au

By | 2017-10-11T03:25:25+00:00 December 20th, 2016|Bankruptcy, Liquidation|0 Comments

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