Something that lots of people don’t realise when they explore Insolvency Advice is that it is able to actually prevent you from taking a trip overseas. This is an element that many people overlook, and it can certainly get you in a lot of trouble.
If you are encountering Bankruptcy then travel is probably one of your lesser concerns– but it is nevertheless important to know about. However if you are currently more anxious about assets, your house, your home, and what they will likely leave you with, then I would wholeheartedly recommend you take advantage of our free consult at Bankruptcy Experts Tamworth on 1300 795 575.
But I want to clarify to you here a little bit about some of your obligations and restrictions that are placed upon you when it concerns Insolvency Advice. Now don’t let any of this stop you from exploring Insolvency Advice, because it is ultimately often the smartest decision to make, but I want you to be mindful of all the situations that can affect you.
So firstly, when it comes to Insolvency Advice you should know that once you declare bankruptcy you are to be considered a bankrupt until it comes to an end as a result of discharge or annulment. This will ordinarily be 3 years and 1 day after you file.
However! This can be longer if you break the rules. There are a lot of them, so please do consult a qualified service, like that at Bankruptcy Experts Tamworth. For now, let’s explore overseas travel.
First of all, it is an offence to travel while bankrupt, or even to make preparations to travel without the written approval of your bankruptcy trustee. As discussed the rules on this part of Insolvency Advice are clear, and you can face an extension of your bankruptcy period– or even face imprisonment upon conviction. For the most part these regulation exist to stop someone who is facing bankruptcy from fleeing the country. But for many people out there who, for instance have a small business in Tamworth and have just made some poor decisions, this won’t be the risk, but the restrictions will still apply.
For instance, we once had a client in Tamworth who, declared bankruptcy and a year later was unfortunately was told that their mother died in her home in England. Our client, obviously upset, took the next plane available to go see her family. However, this was in contravention of the bankruptcy conditions, and she actually faced some significant issues for departing the country without permission.
In all honesty, if she had followed the steps there would have been no real issue due to the circumstances, but rules are rules.
The process encompassing Insolvency Advice and overseas travel is optional on the part of the trustee, but if you do not ask permission you will end up in trouble– and this is just among one of the commonly forgotten restrictions when it relates to Insolvency Advice. You have to ensure that you understand as much as you can about Insolvency Advice as early as possible since only then can you attempt to make the best decision for your situation. I advise that you take advantage of our free consultation at Bankruptcy Experts Tamworth on 1300 795 575. And if you have some other questions of concerns about overseas travel or Insolvency Advice, then also visit our website www.bankruptcyexpertsTamworth.com.au.