When it relates to Filing For Bankruptcy, generally there is plenty of complication because it is generally an area that you really do need some sound advice in because alternatively you may end up in an even more severe circumstance. That I why here at Bankruptcy Experts Hobart we really want to make certain people realize that there are particular things that can actually make your Bankruptcy term be stretched from 3 years to 5 (or even 8) years!
Yes, this suggests that you will be 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 much more complex and the Trustee can actually intermediate and get your term extended 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 Hobart, and these are considered the ‘minor breaches’ since 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 leave Australia without the permission of your Trustee
- Do not acquire credit more that the prescribed 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 go to an interview organised 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 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 effectively end up extending the term to 8 years. So please, while Bankrupt:
- Do not fail to provide 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 return 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 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 types of term extensions in Australia are complex and complicated, these lists of complications that you may face are just the tip of the iceberg as far as your choices in Hobart are concerned. If you need to know more about Filing For Bankruptcy feel free to consult with us here at Bankruptcy Experts Hobart on 1300 795 575, or visit our website: www.bankruptcyexpertsHobart.com.au