My mission today is to try and warn you about likely problems you might have with Bankruptcy to ensure that you can stay away from making mistakes!

When it includes Bankruptcy, there is lots of difficulty and misinformation due to how difficult it could be, and how emotionally charged persons are whenever they are undergoing it. Here at Bankruptcy Experts Gympie we definitely intend to ensure individuals recognize that if you make mistakes it may be extended from 3 years to 5 (or even 8) years!

Yes, this indicates that you will remain even longer in the ‘Bankruptcy limbo’ so stay clear of setting off any one of the following aspects – because if you do, then Bankruptcy becomes far more challenging.

The general reason that a Bankruptcy term will be stretched is if you act dishonestly or unethically.

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MINOR BREACHES – Extend to 5 Years

As I stated, Bankruptcy is complicated, so just ensure you behave honestly. Before entering into insolvency you need to ensure you declare every little thing– because if it is identified that you made a special payment, or entered into an undervalued financial transaction this will be a minor breach and will increase the term. In addition to that, you should make sure that you stay away from particular aspects while you are bankrupt, so please:

  •  Do not serve as a Director of a company.
  •  Do not leave Australia without the consent of your Trustee
  •  Do not acquire 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 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 areas that if you are in violation can effectively end up increasing 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 developing from residential property or earnings.
  •  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 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 invested or property sold 5 years prior to insolvency

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

  •  Deliberately offered any false or misleading details to your trustee
  •  Participated in a transaction, or extreme payments into your superannuation fund with the intent to overpower lenders

Bankruptcy and these forms of term extensions in Australia are usually perplexing and complicated, and unfortunately, what I have just listed is just the tip of the Iceberg. If you need to understand more about Bankruptcy do not hesitate to consult with us here at Bankruptcy Experts Gympie on 1300 795 575, or go to our website: