Filing For Bankruptcy Problems! – Just what can extend your Bankruptcy Term?

When it concerns Filing For Bankruptcy, there is plenty of complication because it is generally an area that you truly do need to have some good advice in because typically you may find yourself in an even worse situation. That I why here at Bankruptcy Australia we definitely want to make certain people realize that there are particular things that can actually make your Bankruptcy term be prolonged from 3 years to 5 (or even 8) years!

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Yes, this shows that you will remain even longer in the ‘Bankruptcy limbo’ so heed our recommendations and avoid triggering any of the following areas– because if you do, then the entire area of Filing For Bankruptcy becomes much more complex and the Trustee can actually interfere and get your term extended rather than letting it automatically discharge.

So exactly how can the period be extended to 5 years?

Certainly there are a lot of ways in Australia, and these are considered the ‘minor breaches’ because 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 recommended amount

– Do not fail to show up at a meeting of your creditors

– Do not fail to disclose a beneficial interest or asset

– Do not fail to attend an interview organised by your trustee without justifiable explanation.

And also, if certain additional 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 are in violation can actually 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 amount

– Do not depart Australia and fail to come back 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 disclose 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 complex and complicated, these lists of issues that you may encounter are just the tip of the iceberg as far as your possibilities in Australia are concerned. If you have to know more about Filing For Bankruptcy feel free to get in touch with us here at Bankruptcy Australia on 1300 795 575, or visit our website: www.bankruptcy-australia.net.au