When it relates to Filing For Bankruptcy, generally there is plenty of confusion because it is definitely an area that you truly do need to have some solid advice in because otherwise you may find yourself in an even worse situation. That I why here at Bankruptcy Experts Townsville we certainly want to make certain people understand 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 shows that you will stay even longer in the ‘Bankruptcy limbo’ so heed our advice and avoid prompting 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 intercede and get your term increased instead of letting it automatically discharge.
So just how can the term be extended to 5 years?
Certainly there are a number of ways in Townsville, 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 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 attend a meeting of your creditors
- Do not fail to disclose a beneficial interest or asset
- Do not fail to attend an interview arranged by your trustee without reasonable explanation.
And also, if certain extra aspects are discovered, this can also raise 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 developing 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 document 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 term extensions in Australia are confusing and complicated, these lists of issues that you may face are just the tip of the iceberg as far as your choices in Townsville are concerned. If you need to know more about Filing For Bankruptcy feel free to consult with us here at Bankruptcy Experts Townsville on 1300 795 575, or visit our website: www.bankruptcyexpertsTownsville.com.au