One thing that lots of folks don’t know when they take a look at Insolvency Advice is that it can actually stop you from travelling overseas. This is a little something that many people overlook, and it can in fact get you in a lot of trouble.
If you are facing Bankruptcy then travel is probably one of your lesser concerns– but it is nonetheless important to know about. However if you are at this time more worried about assets, your house, your home, and what they can leave you with, then I would wholeheartedly recommend you take advantage of our free consult at Bankruptcy Experts Bunbury on 1300 795 575.
But I want to explain to you here a bit about some of your obligations and restrictions that are placed upon you when it relates to Insolvency Advice. Now don’t let any of this stop you from looking into Insolvency Advice, because it is essentially often the smartest decision to make, but I want you to be aware of all the circumstances that can affect you.
So firstly, when it concerns Insolvency Advice you should know that once you declare bankruptcy you are to be regarded as a bankrupt until it concerns an end as a result of discharge or annulment. This will traditionally be 3 years and 1 day after you file.
However! This may be longer if you break the rules. There are a variety of them, so please do consult a professional service, like that at Bankruptcy Experts Bunbury. For now, let’s review overseas travel.
Initially, it is an offence to travel while bankrupt, or even to make preparations to travel without the written authorization 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. Generally these regulation exist to prevent someone who is facing bankruptcy from fleeing the country. But for many people out there who, for instance have a small business in Bunbury and have just made some poor decisions, this won’t be the risk, but the limitations will still apply.
For instance, we once had a customer in Bunbury 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 really faced some severe issues for departing the country without permission.
In all honesty, if she had followed the procedures there would have been no serious issue because of the circumstances, but rules are rules.
The process encompassing Insolvency Advice and overseas travel is discretionary 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 often overlooked restrictions when it concerns Insolvency Advice. You have to ensure that you recognize as much as you can about Insolvency Advice as early as possible since only then can you try to make the very best decision for your situation. I suggest that you use our free consultation at Bankruptcy Experts Bunbury on 1300 795 575. And if you have any questions of concerns about overseas travel or Insolvency Advice, then also see our website www.bankruptcyexpertsBunbury.com.au.