Filing For Bankruptcy Problems! – Just what can extend your Bankruptcy Term?
When it comes to Filing For Bankruptcy, generally there is plenty of confusion because it is actually an area that you really do really need some solid advice in because alternatively you may end up in an even worse situation. That I why here at Bankruptcy Experts Geelong we definitely want to make sure people understand that there are specific things that can really make your Bankruptcy term be prolonged from 3 years to 5 (or even 8) years!
Yes, this shows that you will continue to be even longer in the ‘Bankruptcy limbo’ so heed our suggestions and avoid setting off any of the following areas– because if you do, then the whole area of Filing For Bankruptcy becomes far more challenging and the Trustee can actually interfere and get your term prolonged rather than letting it automatically discharge.
So how can the term be extended to 5 years?
Certainly there are a number of ways in Geelong, 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 incur credit more that the prescribed amount
- Do not fail to attend a meeting of your creditors
- Do not fail to disclose a beneficial interest or asset
- Do not fail to show up at an interview organised by your trustee without justifiable explanation.
And also, if certain extra aspects are discovered, this can also raise the term to 5 years, so if it is found out 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 to Filing For Bankruptcy, there are some areas that if you breach can actually end up extending the term to 8 years. So please, while Bankrupt:
- Do not fail to present written explanation to the trustee regarding any issues developing 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 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:
- Intentionally 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 kinds of term extensions in Australia are confusing and complicated, these lists of complications that you may face are just the tip of the iceberg as far as your possibilities in Geelong are concerned. If you need to know more about Filing For Bankruptcy feel free to get in touch with us here at Bankruptcy Experts Geelong on 1300 795 575, or visit our website: www.bankruptcyexpertsGeelong.com.au