When it relates to Filing For Bankruptcy, generally there is plenty of complication because it is really an area that you really do need some good advice in because alternatively you may end up in an even worse circumstance. That I why here at Bankruptcy Experts Brisbane we definitely want to ensure people are aware that there are specific things that can actually make your Bankruptcy term be extended 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 triggering any of the following areas– because if you do, then the entire area of Filing For Bankruptcy becomes even more complicated and the Trustee can actually intermediate and get your term prolonged in lieu of letting it automatically discharge.
So exactly how can the term be extended to 5 years?
Certainly there are a lot of ways in Brisbane, and these types of are considered the ‘minor breaches’ because 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 leave Australia without the permission of your Trustee
- Do not incur credit more that the recommended 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 go to an interview organised 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 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 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 provide written explanation to the trustee regarding any issues developing from property or income.
- Do not incur more credit than the prescribed amount
- 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 excessive payments into your superannuation fund with the intention to defeat creditors
Filing For Bankruptcy and these 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 Brisbane are concerned. If you need to know more about Filing For Bankruptcy feel free to get in touch with us here at Bankruptcy Experts Brisbane on 1300 795 575, or visit our website: www.bankruptcyexpertsBrisbane.com.au