When it comes down to Filing For Bankruptcy, there is lots of complication because it is definitely an area that you really do need to get some firm advice in because alternatively you may find yourself in an even worse situation. That I why here at Bankruptcy Experts Adelaide we certainly want to make certain people realize that there are certain things that can effectively 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 advice and avoid setting off any of the following areas– because if you do, then the whole area of Filing For Bankruptcy becomes much more challenging and the Trustee can actually intervene and get your term extended rather than letting it automatically discharge.
So just how can the term be extended to 5 years?
Certainly there are a variety of ways in Adelaide, and these are considered the ‘minor breaches’ because 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 incur credit more that the prescribed amount
- Do not fail to show up at 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 extra aspects are discovered, this can also increase 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 relates to Filing For Bankruptcy, there are some areas that if you are in violation can effectively 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 arising 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 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 reveal 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 types of term extensions in Australia are confusing and complicated, these lists of problems that you may deal with are just the tip of the iceberg as far as your possibilities in Adelaide are concerned. If you need to know more about Filing For Bankruptcy feel free to consult with us here at Bankruptcy Experts Adelaide on 1300 795 575, or visit our website: www.bankruptcyexpertsadelaide.com.au