When it comes to Filing For Bankruptcy, there certainly is plenty of complication because it is definitely an area that you really do need some good advice in because alternatively you may find yourself in an even more severe predicament. That I why here at Bankruptcy Experts Rockhampton we certainly want to make sure people realize that there are specific things that can effectively make your Bankruptcy term be prolonged from 3 years to 5 (or even 8) years!
Yes, this shows that you will stay even longer in the ‘Bankruptcy limbo’ so heed our suggestions and avoid triggering any of the following areas– because if you do, then the entire area of Filing For Bankruptcy becomes much more difficult and the Trustee can actually step in and get your term increased in lieu of letting it automatically discharge.
So precisely how can the term be extended to 5 years?
There are a lot of ways in Rockhampton, and these types of are considered the ‘minor breaches’ since they only extend the term to the 5 year mark. So please, while Bankrupt:
- Do not remain to act as a Director of a company.
- Do not leave Australia without the permission 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 arranged by your trustee without reasonable explanation.
And also, if certain extra aspects are discovered, this can also increase the term to 5 years, so if it is determined 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 relates to Filing For Bankruptcy, there are some areas that if you are in violation can in fact end up extending the term to 8 years. So please, while Bankrupt:
- Do not fail to offer written explanation to the trustee regarding any issues developing from property or income.
- Do not incur more credit than the prescribed level
- 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 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 term extensions in Australia are complex and challenging, these lists of problems that you may deal with are just the tip of the iceberg as far as your possibilities in Rockhampton are concerned. If you have to know more about Filing For Bankruptcy feel free to call us here at Bankruptcy Experts Rockhampton on 1300 795 575, or visit our website: Bankruptcy Rockhampton