When it comes to Filing For Bankruptcy, generally there is a lot of confusion because it is actually an area that you truly do need to have some good advice in because otherwise you may find yourself in an even more severe predicament. That I why here at Bankruptcy Experts Alice Springs we actually want to make certain people are aware that there are certain things that can really make your Bankruptcy term be extended from 3 years to 5 (or even 8) years!
Yes, this suggests that you will remain even longer in the ‘Bankruptcy limbo’ so heed our suggestions and avoid inducing any of the following areas– because if you do, then the entire area of Filing For Bankruptcy becomes far more complicated and the Trustee can actually step in and get your term extended as opposed to letting it automatically discharge.
So how can the term be extended to 5 years?
Certainly there are a number of ways in Alice Springs, 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 leave Australia without the permission of your Trustee
- Do not incur credit more that the prescribed 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 go to an interview arranged by your trustee without justifiable explanation.
And also, if certain additional aspects are discovered, this can also raise 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 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 present written explanation to the trustee regarding any issues developing from property or income.
- Do not incur more credit than the prescribed amount
- 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 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:
- Intentionally 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 kinds of term extensions in Australia are complex and complicated, these lists of problems that you may deal with are just the tip of the iceberg as far as your choices in Alice Springs are concerned. If you have to know more about Filing For Bankruptcy feel free to consult with us here at Bankruptcy Experts Alice Springs on 1300 795 575, or visit our website: www.bankruptcyexpertsAliceSprings.com.au