Filing For Bankruptcy Problems! – Exactly what can extend your Bankruptcy Term?

Home/Bankruptcy, Liquidation/Filing For Bankruptcy Problems! – Exactly what can extend your Bankruptcy Term?

Filing For Bankruptcy Problems! – Exactly what can extend your Bankruptcy Term?

When it relates to Filing For Bankruptcy, currently there is lots of complication because it is an area that you really do need some solid advice in because alternatively you may end up in an even more severe predicament. That I why here at Bankruptcy Experts Sunshine Coast we truly want to make certain 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 indicates that you will remain 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 whole area of Filing For Bankruptcy becomes even more complicated and the Trustee can actually interfere and get your term prolonged in lieu of letting it automatically discharge.

So just how can the period be extended to 5 years?

There are a number of ways in Sunshine Coast, and these types of are considered the ‘minor breaches’ since 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 exit Australia without the permission of your Trustee
  •  Do not incur credit more that the recommended amount
  •  Do not fail to attend a meeting of your creditors
  •  Do not fail to disclose a beneficial interest or asset
  •  Do not fail to go to an interview arranged 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 found out 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 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 depart Australia and fail to come back 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 extreme payments into your superannuation fund with the intention to defeat creditors

Filing For Bankruptcy and these term extensions in Australia are confusing and challenging, these lists of complications that you may face are just the tip of the iceberg as far as your choices in Sunshine Coast are concerned. If you need to know more about Filing For Bankruptcy feel free to contact us here at Bankruptcy Experts Sunshine Coast on 1300 795 575, or visit our website: www.bankruptcyexpertsSunshineCoast.com.au

By | 2017-10-11T06:15:39+00:00 August 25th, 2016|Bankruptcy, Liquidation|0 Comments

About the Author:

Director of Fresh Start Solutions and specialises in helping people free themselves from overwhelming debt. Whether it's Bankruptcy, Liquidation, Insolvency Advice or simply General Debt Advice.