Filing For Bankruptcy Problems! – Just what will extend your Bankruptcy Term?
When it comes down to Filing For Bankruptcy, generally there is a lot of complication because it is generally an area that you really do need to get some firm advice in because typically you may find yourself in an even more severe predicament. That I why here at Bankruptcy Experts Bunbury we truly want to make sure people realize that there are particular things that can really make your Bankruptcy term be stretched from 3 years to 5 (or even 8) years!
Yes, this means that you will be even longer in the ‘Bankruptcy limbo’ so heed our suggestions and avoid inducing any of the following areas– because if you do, then the entire area of Filing For Bankruptcy becomes even more challenging and the Trustee can actually intercede and get your term extended in lieu of letting it automatically discharge.
So exactly how can the period be extended to 5 years?
There are a variety of ways in Bunbury, and these types of are considered the ‘minor breaches’ because they only extend the term to the 5 year mark. So please, while Bankrupt:
- Do not continue to act as a Director of a company.
- Do not depart Australia without the permission of your Trustee
- Do not acquire credit more that the prescribed amount
- Do not fail to attend a meeting of your creditors
- Do not fail to reveal a beneficial interest or asset
- Do not fail to go to an interview organised by your trustee without having justifiable explanation.
And also, if certain additional aspects are discovered, this can also raise the term to 5 years, so if it is discovered that before Bankruptcy, you:
- Made a preferential payment
- Entered into an undervalued transaction.
So how can the term be extended to 8 years?
So when it comes down to Filing For Bankruptcy, there are some areas that if you breach can effectively end up extending the term to 8 years. So please, while Bankrupt:
- Do not fail to give written explanation to the trustee regarding any issues arising from property or income.
- Do not incur more credit than the prescribed quantity
- Do not leave Australia and fail to come back when asked by the trustee.
- Do not refuse to sign a document after the trustee has requested you to sign it.
- Do not fail to disclose a beneficial interest in an asset.
- Do not fail to explain the purpose of any money spent or property sold 5 years prior to bankruptcy
And again, if prior to bankruptcy you did any of the following:
- Deliberately 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 creditors
Filing For Bankruptcy and these types of term extensions in Australia are confusing and complicated, these lists of problems that you may face are just the tip of the iceberg as far as your choices in Bunbury are concerned. If you need to know more about Filing For Bankruptcy feel free to consult with us here at Bankruptcy Experts Bunbury on 1300 795 575, or visit our website: www.bankruptcyexpertsBunbury.com.au