One thing that lots of folks don’t realise when they look into Insolvency Advice is that it can actually prevent you from taking a trip overseas. This is one thing that many people overlook, and it can actually get you in a lot of trouble.
If you are experiencing Bankruptcy then travel is probably one of your lesser concerns– but it is still important to know about. However if you are at the moment more anxious about assets, your house, your home, and what they are going to leave you with, then I would wholeheartedly propose you take advantage of our free appointment at Bankruptcy Experts Rockhampton on 1300 795 575.
But I want to explain 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 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 comes to an end following 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 lot of them, so please do consult a qualified professional service, like that at Bankruptcy Experts Rockhampton. For now, let’s discuss overseas travel.
To begin with, it is an offence to travel while bankrupt, or even to make preparations to travel without the written consent 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 stop someone who is facing bankruptcy from fleeing the country. But for most people out there who, as an example have a small business in Rockhampton and have just made some poor choices, this won’t be the risk, but the constraints will still apply.
For instance, we once had a customer in Rockhampton 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 in fact faced some significant issues for departing the country without permission.
In all honesty, if she had observed the steps there would have been no real issue considering the circumstances, but rules are rules.
The process surrounding Insolvency Advice and overseas travel is discretionary on the part of the trustee, but if you don’t ask permission you will find yourself in trouble– and this is just among one of the usually overlooked restrictions when it concerns Insolvency Advice. You need to make sure that you comprehend as much as you can about Insolvency Advice as early as possible since only then can you attempt to make the very best decision for your situation. I recommend that you use our free consultation at Bankruptcy Experts Rockhampton on 1300 795 575. And if you have some other questions of concerns about overseas travel or Insolvency Advice, then also go to our website www.bankruptcyexpertsRockhampton.com.au.