When it comes to Filing For Bankruptcy, there is a lot of confusion because it is generally an area that you truly do really need some firm advice in because typically you may end up in an even worse situation. That I why here at Bankruptcy Experts Mildura we definitely want to ensure people understand that there are certain things that can really make your Bankruptcy term be prolonged from 3 years to 5 (or even 8) years!
Yes, this suggests that you will continue to be 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 entire area of Filing For Bankruptcy becomes far more challenging and the Trustee can actually intercede and get your term extended as opposed to letting it automatically discharge.
So how can the duration be extended to 5 years?
There are a number of ways in Mildura, 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 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 show up at an interview organised by your trustee without having reasonable explanation.
And also, if certain extra 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 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 present 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 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 excessive payments into your superannuation fund with the intention to defeat creditors
Filing For Bankruptcy and these kinds of term extensions in Australia are confusing and challenging, these lists of issues that you may deal with are just the tip of the iceberg as far as your possibilities in Mildura are concerned. If you need to know more about Filing For Bankruptcy feel free to contact us here at Bankruptcy Experts Mildura on 1300 795 575, or visit our website: www.bankruptcyexpertsMildura.com.au