When it relates to Filing For Bankruptcy, generally there is a lot of confusion because it is definitely an area that you really do need some solid advice in because alternatively you may end up in an even more severe predicament. That I why here at Bankruptcy Experts Dubbo we definitely want to make sure people are aware that there are certain things that can actually make your Bankruptcy term be stretched from 3 years to 5 (or even 8) years!
Yes, this means 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 complex and the Trustee can actually intermediate and get your term prolonged as opposed to letting it automatically discharge.
So exactly how can the term be extended to 5 years?
Certainly there are a number of ways in Dubbo, 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 continue 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 prescribed amount
- Do not fail to go to a meeting of your creditors
- Do not fail to disclose a beneficial interest or asset
- Do not fail to show up at an interview organised by your trustee without 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 concerns 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 supply 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 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:
- 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 complications that you may face are just the tip of the iceberg as far as your choices in Dubbo are concerned. If you need to know more about Filing For Bankruptcy feel free to get in touch with us here at Bankruptcy Experts Dubbo on 1300 795 575, or visit our website: www.bankruptcyexpertsDubbo.com.au