Bankruptcy Problems? Did you know that your Bankruptcy duration may be prolonged?

Bankruptcy Experts Gold Coast

My goal today is to try and inform you regarding likely problems you could have with Bankruptcy so that you can stay clear of making errors!

When it includes Bankruptcy, there is lots of difficulty and false information as a result of how tricky it might be, and how emotionally charged persons are whenever they are experiencing it. Here at Bankruptcy Experts Gold Coast we definitely intend to make certain individuals understand that if you make mistakes it could be extended from 3 years to 5 (or even 8) years!

Indeed, this indicates that you will stay even further in the ‘Bankruptcy limbo’ so stay clear of triggering any of the following facets– because if you do, then Bankruptcy ends up being much more challenging.

The general factor 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 complicated, so just ensure you act honestly. Before entering into bankruptcy you need to ensure that you declare every little thing– simply because if it is identified that you made a special payment, or entered into an underestimated transaction this will be a minor breach and will increase the term. On top of that, you should ensure that you stay away from certain aspects while you are bankrupt, so please:

  •  Do not act as a Director of a company.
  •  Do not depart Australia without the consent of your Trustee
  •  Do not incur credit more that the prescribed amount
  •  Do not fail to show up at a meeting of your creditors
  •  Do not fail to reveal a beneficial interest or property
  •  Do not fail to go to an interview arranged 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 prolonging the term to 8 years. This is undoubtedly something you will want to avoid. So please, while Bankrupt:

  •  Do not fail to give written explanation to the trustee regarding any issues developing from residential property or earnings.
  •  Do not acquire 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 reveal a beneficial interest in an asset.
  •  Do not fail to reveal the reason of any money spent or property sold 5 years before bankruptcy

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

  •  Deliberately 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 creditors

Bankruptcy and these sorts of term increases in Australia are always perplexing and intricate, and sadly, what I have just listed is only the tip of the Iceberg. If you need to understand more about Bankruptcy don’t hesitate to consult with us here at Bankruptcy Experts Gold Coast on 1300 795 575, or visit our website:

By | 2018-07-27T01:14:49+00:00 December 20th, 2016|Article, bankruptcy, Blog|0 Comments

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