When it relates to Filing For Bankruptcy, generally there is plenty of confusion because it is actually an area that you really do need to get some sound advice in because typically you may end up in an even more severe circumstance. That I why here at Bankruptcy Experts Mackay we actually want to make certain people realize that there are particular things that can really make your Bankruptcy term be prolonged from 3 years to 5 (or even 8) years!
Yes, this shows that you will continue to be even longer in the ‘Bankruptcy limbo’ so heed our suggestions and avoid prompting any of the following areas– because if you do, then the whole area of Filing For Bankruptcy becomes much more difficult and the Trustee can actually intervene and get your term increased as opposed to letting it automatically discharge.
So precisely how can the term be extended to 5 years?
There are a variety of ways in Mackay, 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 leave Australia without the permission of your Trustee
- Do not acquire credit more that the recommended amount
- Do not fail to go to a meeting of your creditors
- Do not fail to reveal a beneficial interest or asset
- Do not fail to go to an interview organised by your trustee without reasonable 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 comes down 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 supply written explanation to the trustee regarding any issues arising from property or income.
- Do not incur more credit than the prescribed level
- Do not depart 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 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 extreme 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 face are just the tip of the iceberg as far as your options in Mackay are concerned. If you need to know more about Filing For Bankruptcy feel free to call us here at Bankruptcy Experts Mackay on 1300 795 575, or visit our website: Bankruptcy Mackay