When it comes down to Filing For Bankruptcy, currently there is plenty of complication because it is really an area that you truly do need to get some good advice in because otherwise you may end up in an even more severe predicament. That I why here at Bankruptcy Experts Port Macquarie we certainly want to make certain people realize that there are certain things that can effectively make your Bankruptcy term be prolonged from 3 years to 5 (or even 8) years!
Yes, this suggests that you will stay even longer in the ‘Bankruptcy limbo’ so heed our suggestions and avoid inducing 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 in lieu of letting it automatically discharge.
So how can the term be extended to 5 years?
Certainly there are a lot of ways in Port Macquarie, and these 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 attend a meeting of your creditors
- Do not fail to reveal a beneficial interest or asset
- Do not fail to attend an interview arranged by your trustee without having reasonable explanation.
And also, if certain extra aspects are discovered, this can also increase 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 relates to Filing For Bankruptcy, there are some areas that if you are in violation can effectively 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 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 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 kinds of term extensions in Australia are confusing and challenging, these lists of problems that you may encounter are just the tip of the iceberg as far as your choices in Port Macquarie are concerned. If you need to know more about Filing For Bankruptcy feel free to contact us here at Bankruptcy Experts Port Macquarie on 1300 795 575, or visit our website: www.bankruptcyexpertsPortMacquarie.com.au