DEBT AGREEMENT SPECIALISTS

LENGTH OF BANKRUPTCY

 

If you fully co-operate with your Trustee, Bankruptcy will only last for three years, although it can be extended to five or eight years in certain circumstances.

 

There are a number of ways in which your bankruptcy can be extended to five or eight years; here are some of the ways this can happen:

 

EXTENSION TO 5 YEARS

• Make a knowing void transfer against the trustee, undervalue items
• Continued to direct a business
• Engaged in misleading conduct
• Fail to disclose to the trustee, a liability that existed at the date of bankruptcy
• Fail to notify a change of address or contact details
• Fail to advise your trustee of any material change to the information disclosed on your statement of affairs
• Fail to attend a creditors’ meeting without written approval from the trustee
• Fail to attend an interview or examination
• Fail to disclose any beneficial interest in any property
  

 

EXTENSION TO 8 YEARS

• Make a void transfer against the trustee
• Fail to provide details of property and income when requested
• Deliberately providing false or misleading information to the trustee
• Fail to disclose detail of income or expected income
• Fail to pay contributions
• Fail to adequately explain how money was spent or assets were disposed of
• Fail to disclose a liability that existed at the date of bankruptcy
• Fail or refuse to sign documentation when required
• Failing to disclose to the trustee, a beneficial interest in a property