When it comes to Filing For Bankruptcy, currently there is plenty of complication because it is really an area that you really do need to get some firm advice in because alternatively you may end up in an even more severe predicament. That I why here at Bankruptcy Experts Perth we truly want to make sure people are aware that there are particular 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 continue to be even longer in the ‘Bankruptcy limbo’ so heed our suggestions and avoid inducing any of the following areas– because if you do, then the whole area of Filing For Bankruptcy becomes far more complex and the Trustee can actually intermediate and get your term increased as opposed to letting it automatically discharge.
So just how can the period be extended to 5 years?
There are a lot of ways in Perth, 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 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 show up at a meeting of your creditors
- Do not fail to disclose 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 comes to Filing For Bankruptcy, there are some areas that if you are in violation can effectively 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 arising from property or income.
- Do not incur more credit than the prescribed quantity
- Do not depart Australia and fail to return 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 reveal 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:
- Intentionally 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 term extensions in Australia are complex and complicated, these lists of issues that you may face are just the tip of the iceberg as far as your choices in Perth are concerned. If you have to know more about Filing For Bankruptcy feel free to get in touch with us here at Bankruptcy Experts Perth on 1300 795 575, or visit our website: Bankruptcy Perth