Filing For Bankruptcy Problems!– Just what can extend your Bankruptcy Term?

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Filing For Bankruptcy Problems!– Just what can extend your Bankruptcy Term?

When it comes to Filing For Bankruptcy, generally there is lots of complication because it is definitely an area that you truly do really need some good advice in because alternatively you may find yourself in an even worse circumstance. That I why here at Bankruptcy Experts Tamworth we certainly want to make sure people understand 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 means that you will stay even longer in the ‘Bankruptcy limbo’ so heed our recommendations and avoid prompting any of the following areas– because if you do, then the whole area of Filing For Bankruptcy becomes even more complicated and the Trustee can actually intermediate and get your term increased rather than letting it automatically discharge.
So precisely how can the duration be extended to 5 years?

Certainly there are a lot of ways in Tamworth, and these are considered the ‘minor breaches’ since 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 incur credit more that the recommended 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 organised by your trustee without having justifiable 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 breach can really 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 amount
  • Do not depart Australia and fail to come back 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 term extensions in Australia are confusing and challenging, these lists of complications that you may encounter are just the tip of the iceberg as far as your choices in Tamworth are concerned. If you have to know more about Filing For Bankruptcy feel free to contact us here at Bankruptcy Experts Tamworth on 1300 795 575, or visit our website: www.bankruptcyexpertsTamworth.com.au

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