What Will Extend Your Bankruptcy Term?
When it comes down to Filing For Bankruptcy, there is plenty of complication because it is an area that you truly do really need some good advice in because otherwise you may find yourself in an even more severe situation. That I why here at Bankruptcy Experts Melbourne we certainly want to ensure people are aware that there are particular things that can actually make your Bankruptcy term be prolonged from 3 years to 5 (or even 8) years!
Yes, this means that you will continue to be even longer in the ‘Bankruptcy limbo’ so heed our advice and avoid inducing any of the following areas– because if you do, then the entire area of Filing For Bankruptcy becomes much more difficult and the Trustee can actually intercede and get your term increased in lieu of letting it automatically discharge.
So just how can the duration be extended to 5 years?
There are a variety of ways in Melbourne, 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 continue to act as a Director of a company.
- Do not exit Australia without the permission of your Trustee
- Do not acquire credit more that the recommended 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 justifiable 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 comes down 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 give written explanation to the trustee regarding any issues arising from property or income.
- Do not incur more credit than the prescribed amount
- 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 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:
- Deliberately 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 types of term extensions in Australia are confusing and challenging, these lists of problems that you may face are just the tip of the iceberg as far as your options in Melbourne are concerned. If you need to know more about Filing For Bankruptcy feel free to call us here at Bankruptcy Experts Melbourne on 1300 795 575, or visit our website: www.bankruptcyexpertsMelbourne.com.au