When it comes down to Filing For Bankruptcy, there is plenty of complication because it is certainly an area that you really do need some firm advice in because alternatively you may find yourself in an even more severe circumstance. That I why here at Bankruptcy Experts Darwin we really want to make certain people realize that there are specific things that can really make your Bankruptcy term be extended from 3 years to 5 (or even 8) years!
Yes, this shows that you will remain even longer in the ‘Bankruptcy limbo’ so heed our suggestions and avoid triggering any of the following areas– because if you do, then the entire area of Filing For Bankruptcy becomes far more complex and the Trustee can actually intercede and get your term prolonged rather than letting it automatically discharge.
So precisely how can the term be extended to 5 years?
Certainly there are a lot of ways in Darwin, and these 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 leave Australia without the permission of your Trustee
- Do not incur credit more that the recommended 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 attend 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 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 relates to Filing For Bankruptcy, there are some areas that if you breach can really 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 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 term extensions in Australia are complex and challenging, these lists of complications that you may encounter are just the tip of the iceberg as far as your possibilities in Darwin are concerned. If you need to know more about Filing For Bankruptcy feel free to consult with us here at Bankruptcy Experts Darwin on 1300 795 575, or visit our website: www.bankruptcyexpertsDarwin.com.au