Filing For Bankruptcy Problems! – Just what can extend your Bankruptcy Term?

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Filing For Bankruptcy Problems! – Just what can extend your Bankruptcy Term?

When it relates to Filing For Bankruptcy, currently there is plenty of complication because it is really an area that you truly do need to have some firm advice in because alternatively you may end up in an even more severe predicament. That I why here at Bankruptcy Experts Geraldton we truly want to ensure people are aware that there are certain 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 prompting any of the following areas– because if you do, then the entire area of Filing For Bankruptcy becomes even more complicated and the Trustee can actually intervene and get your term prolonged instead of letting it automatically discharge.

So just how can the duration be extended to 5 years?

There are a number of ways in Geraldton, and these are considered the ‘minor breaches’ because 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 acquire credit more that the prescribed 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 show up at an interview organised by your trustee without reasonable explanation.

And also, if certain extra 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 comes 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 present 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 return 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 reveal 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:

  •  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 term extensions in Australia are confusing and challenging, these lists of problems that you may deal with are just the tip of the iceberg as far as your choices in Geraldton are concerned. If you need to know more about Filing For Bankruptcy feel free to call us here at Bankruptcy Experts Geraldton on 1300 795 575, or visit our website: www.bankruptcyexpertsGeraldton.com.au

By | 2017-10-12T02:57:14+00:00 August 19th, 2016|Bankruptcy, Liquidation|0 Comments

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