When it comes to Filing For Bankruptcy, currently there is plenty of confusion because it is certainly an area that you truly do need to have some sound advice in because alternatively you may end up in an even more severe situation. That I why here at Gold Coast Bankruptcy Centre we certainly want to make certain 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 indicates that you will stay even longer in the ‘Bankruptcy limbo’ so heed our advice and avoid prompting any of the following areas– because if you do, then the whole area of Filing For Bankruptcy becomes even more difficult and the Trustee can actually interfere and get your term increased rather than letting it automatically discharge.
So precisely how can the period be extended to 5 years?
There are a number of ways in Gold Coast, 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 depart Australia without the permission of your Trustee
- Do not incur credit more that the recommended amount
- Do not fail to show up at 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 reasonable explanation.
And also, if certain additional 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 supply written explanation to the trustee regarding any issues developing 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 reveal 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 challenging, these lists of problems that you may face are just the tip of the iceberg as far as your possibilities in Gold Coast are concerned. If you have to know more about Filing For Bankruptcy feel free to get in touch with us here at Gold Coast Bankruptcy Centre on 1300 795 575, or visit our website: www.goldcoastbankruptcycentre.com.au