When it concerns Filing For Bankruptcy, there is lots of complication because it is generally an area that you really do need to have some good advice in because typically you may find yourself in an even more severe predicament. That I why here at Bankruptcy Advice Perth we certainly want to make sure people realize 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 suggests that you will stay 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 complex and the Trustee can actually intercede and get your term prolonged in lieu of letting it automatically discharge.
So how can the period be extended to 5 years?
Certainly there are a variety 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 exit Australia without the permission of your Trustee
- Do not acquire credit more that the recommended amount
- Do not fail to go to a meeting of your creditors
- Do not fail to disclose a beneficial interest or asset
- Do not fail to attend an interview organised by your trustee without reasonable explanation.
And also, if certain additional aspects are discovered, this can also raise 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 comes down to Filing For Bankruptcy, there are some areas that if you breach can actually 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 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 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 extreme 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 complicated, these lists of problems that you may encounter are just the tip of the iceberg as far as your possibilities in Perth are concerned. If you need to know more about Filing For Bankruptcy feel free to get in touch with us here at Bankruptcy Advice Perth on 1300 879 867, or visit our website: www.bankruptcy-advice.com.au/Perth.com.au