When it comes down to Filing For Bankruptcy, generally there is a lot of complication because it is an area that you truly do really need some solid advice in because typically you may end up in an even worse predicament. That I why here at Bankruptcy Experts Coffs Harbour we truly want to make certain people are aware that there are certain things that can really make your Bankruptcy term be stretched from 3 years to 5 (or even 8) years!
Yes, this indicates that you will remain 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 much more complex and the Trustee can actually interfere and get your term extended in lieu of letting it automatically discharge.
So precisely how can the period be extended to 5 years?
Certainly there are a lot of ways in Coffs Harbour, 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 exit 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 having justifiable explanation.
And also, if certain additional 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 breach 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 developing from property or income.
- Do not incur more credit than the prescribed quantity
- Do not leave 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 clarify 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 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 options in Coffs Harbour are concerned. If you have to know more about Filing For Bankruptcy feel free to consult with us here at Bankruptcy Experts Coffs Harbour on 1300 795 575, or visit our website: www.bankruptcyexpertsCoffsHarbour.com.au