When it relates to Filing For Bankruptcy, there certainly is a lot of confusion because it is actually an area that you really do need to have some firm advice in because otherwise you may end up in an even worse predicament. That I why here at Bankruptcy Experts Toowoomba we definitely want to ensure people understand that there are specific things that can effectively make your Bankruptcy term be stretched from 3 years to 5 (or even 8) years!
Yes, this shows that you will stay 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 Filing For Bankruptcy becomes even more complicated and the Trustee can actually intermediate and get your term extended rather than letting it automatically discharge.
So how can the duration be extended to 5 years?
Certainly there are a variety of ways in Toowoomba, and these types of 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 leave Australia without the permission of your Trustee
- Do not acquire credit more that the prescribed amount
- Do not fail to show up at a meeting of your creditors
- Do not fail to reveal a beneficial interest or asset
- Do not fail to attend an interview organised by your trustee without having 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 concerns Filing For Bankruptcy, there are some areas that if you are in violation can really 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 developing from property or income.
- Do not incur more credit than the prescribed quantity
- 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 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:
- Deliberately 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 complex and challenging, these lists of complications that you may encounter are just the tip of the iceberg as far as your possibilities in Toowoomba are concerned. If you need to know more about Filing For Bankruptcy feel free to get in touch with us here at Bankruptcy Experts Toowoomba on 1300 795 575, or visit our website: www.bankruptcyexpertsToowoomba.com.au