When it relates to Filing For Bankruptcy, currently there is plenty of complication because it is generally an area that you truly do need to get some firm advice in because otherwise you may end up in an even more severe situation. That I why here at Bankruptcy Experts Gold Coast we really want to make sure people are aware that there are certain things that can effectively make your Bankruptcy term be prolonged from 3 years to 5 (or even 8) years!
Yes, this means that you will be even longer in the ‘Bankruptcy limbo’ so heed our advice and avoid triggering any of the following areas– because if you do, then the entire area of Filing For Bankruptcy becomes much more challenging and the Trustee can actually step in and get your term prolonged instead of letting it automatically discharge.
So exactly how can the duration be extended to 5 years?
Certainly there are a number of ways in Gold Coast, and these are considered the ‘minor breaches’ since 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 recommended 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 attend an interview arranged by your trustee without reasonable 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 relates to Filing For Bankruptcy, there are some areas that if you are in violation can in fact end up extending the term to 8 years. So please, while Bankrupt:
- Do not fail to supply written explanation to the trustee regarding any issues arising from property or income.
- Do not incur more credit than the prescribed level
- Do not leave 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 reveal 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:
- 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 complicated, these lists of complications that you may face are just the tip of the iceberg as far as your possibilities in Gold Coast are concerned. If you need to know more about Filing For Bankruptcy feel free to consult with us here at Bankruptcy Experts Gold Coast on 1300 795 575, or visit our website: www.bankruptcyexpertsGoldCoast.com.au