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- August 19, 2016
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When it comes down to Filing For Bankruptcy, there is a lot of confusion because it is really an area that you truly do need to get some good advice in because alternatively you may find yourself in an even more severe circumstance. That I why here at Bankruptcy Experts Gladstone we actually want to ensure people understand that there are specific things that can actually make your Bankruptcy term be extended from 3 years to 5 (or even 8) years!
Yes, this indicates that you will stay even longer in the ‘Bankruptcy limbo’ so heed our suggestions and avoid inducing any of the following areas– because if you do, then the entire area of Filing For Bankruptcy becomes much more complicated and the Trustee can actually step in and get your term extended instead of letting it automatically discharge.
So just how can the term be extended to 5 years?
There are a variety of ways in Gladstone, 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 depart 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 go to an interview organised by your trustee without reasonable 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 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 offer written explanation to the trustee regarding any issues developing from property or income.
- Do not incur more credit than the prescribed quantity
- 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 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 extreme payments into your superannuation fund with the intention to defeat creditors
Filing For Bankruptcy and these term extensions in Australia are confusing and complicated, these lists of complications that you may deal with are just the tip of the iceberg as far as your possibilities in Gladstone are concerned. If you have to know more about Filing For Bankruptcy feel free to call us here at Bankruptcy Experts Gladstone on 1300 795 575, or visit our website: www.bankruptcyexpertsgladstone.com.au