Filing For Bankruptcy Problems! – Exactly what will extend your Bankruptcy Term?
When it comes to Filing For Bankruptcy, currently there is plenty of confusion because it is generally an area that you truly do need some solid advice in because alternatively you may end up in an even worse circumstance. That I why here at Bankruptcy Experts Wollongong we truly want to ensure people are aware that there are particular things that can effectively make your Bankruptcy term be prolonged from 3 years to 5 (or even 8) years!
Yes, this means that you will remain even longer in the ‘Bankruptcy limbo’ so heed our recommendations and avoid setting off any of the following areas– because if you do, then the whole area of Filing For Bankruptcy becomes even more complex and the Trustee can actually interfere and get your term prolonged instead of letting it automatically discharge.
So exactly how can the period be extended to 5 years?
Certainly there are a variety of ways in Wollongong, 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 still act as a Director of a company.
- Do not depart Australia without the permission of your Trustee
- Do not acquire credit more that the recommended 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 organised by your trustee without justifiable explanation.
And also, if certain extra aspects are discovered, this can also increase 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 concerns Filing For Bankruptcy, there are some areas that if you breach can really 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 developing from property or income.
- Do not incur more credit than the prescribed level
- Do not leave Australia and fail to return 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 reveal 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 excessive 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 options in Wollongong are concerned. If you need to know more about Filing For Bankruptcy feel free to consult with us here at Bankruptcy Experts Wollongong on 1300 795 575, or visit our website: www.bankruptcyexpertsWollongong.com.au