When it relates to Filing For Bankruptcy, generally there is plenty of complication because it is certainly an area that you really do really need some firm advice in because otherwise you may find yourself in an even more severe predicament. That I why here at Bankruptcy Experts Maitland we truly want to ensure people understand that there are particular things that can actually make your Bankruptcy term be prolonged from 3 years to 5 (or even 8) years!
Yes, this means that you will stay even longer in the ‘Bankruptcy limbo’ so heed our recommendations and avoid prompting any of the following areas– because if you do, then the whole area of Filing For Bankruptcy becomes even more complicated and the Trustee can actually intervene and get your term extended as opposed to letting it automatically discharge.
So how can the term be extended to 5 years?
There are a lot of ways in Maitland, 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 depart Australia without the permission of your Trustee
- Do not incur credit more that the prescribed 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 arranged by your trustee without justifiable explanation.
And also, if certain additional aspects are discovered, this can also raise 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 effectively end up extending the term to 8 years. So please, while Bankrupt:
- Do not fail to offer written explanation to the trustee regarding any issues developing from property or income.
- Do not incur more credit than the prescribed level
- 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:
- 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 kinds of term extensions in Australia are complex and complicated, these lists of problems that you may deal with are just the tip of the iceberg as far as your options in Maitland are concerned. If you have to know more about Filing For Bankruptcy feel free to get in touch with us here at Bankruptcy Experts Maitland on 1300 795 575, or visit our website: www.bankruptcyexpertsMaitland.com.au