|December 20, 2016||Comments Closed|
My goal today is to try and alert you regarding possible troubles you may have with Bankruptcy so that you can stay away from making errors!
When it involves Bankruptcy, there is a great deal of complication and misinformation as a result of how challenging it may be, and how emotionally charged persons are whenever they are going through it. Here at Bankruptcy Experts Mount Isa we certainly want to make sure individuals know that if you make errors it can be stretched from 3 years to 5 (or even 8) years!
Yes, this indicates that you will stay even longer 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 much more tricky.
The basic reason that a Bankruptcy period will be prolonged is if you act dishonestly or unethically.
MINOR BREACHES – Extend to 5 Years
As I said, Bankruptcy is complicated, so just ensure you behave genuinely. Before entering into insolvency you need to make sure you state every little thing– simply because if it is found that you made a preferential payment, or entered into an undervalued transaction this will be a minor breach and will increase the term. On top of that, you have to ensure that you avoid certain aspects while you are bankrupt, so please:
MAJOR BREACHES – Extend to 8 Years.
So when it relates to Bankruptcy, there are some areas that if you find yourself in violation can effectively end up increasing the term to 8 years. This is certainly something you will want to avoid. So please, while Insolvent:
And furthermore, if prior to personal bankruptcy you did any one of the following:
Bankruptcy and these types of duration extensions in Australia are usually difficult to understand and tricky, and sadly, what I have just detailed is only the tip of the Iceberg. If you need to know more about Bankruptcy feel free to speak with us here at Bankruptcy Experts Mount Isa on 1300 795 575, or go to our website: www.bankruptcyexpertsmountisa.com.au