When it concerns Bankruptcy, currently there is a lot of confusion because it is really an area that you truly do need to have some sound advice in because typically you may find yourself in an even more severe situation. That I why here at Bankruptcy Experts Australia we truly want to make sure people are aware that there are particular things that can really make your Bankruptcy term be stretched from 3 years to 5 (or even 8) years!
Yes, this indicates that you will be 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 Bankruptcy becomes even more complex and the Trustee can actually intervene and get your term prolonged instead of letting it automatically discharge.
So exactly how can the term be extended to 5 years?
Certainly there are a variety of ways in Australia, and these 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 exit 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 reveal a beneficial interest or asset
– Do not fail to go to an interview arranged by your trustee without having justifiable explanation.
And also, if certain additional 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 relates to 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 provide 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 return 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 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
Bankruptcy and these 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 Australia are concerned. If you need to know more about Bankruptcy feel free to get in touch with us here at Bankruptcy Experts Australia on 1300 795 575, or visit our website: www.bankruptcyexperts.com.au.