Something that lots of people don’t know when they take a look at Insolvency Advice is that it can actually stop you from taking a trip overseas. This is a thing that many people forget, 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 nevertheless important to keep in mind. However if you are right now more worried about assets, your house, your home, and what they will likely leave you with, then I would wholeheartedly propose you make the most of our free consultation at Bankruptcy Experts Coffs Harbour 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 comes to Insolvency Advice. Now don’t let any of this stop you from taking a look at Insolvency Advice, because it is ultimately often the smartest decision to make, but I want you to be informed 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 regarded as a bankrupt until it comes to an end due to 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 multitude of them, so please do consult an expert service, like that at Bankruptcy Experts Coffs Harbour. For now, let’s explore overseas travel.
First and foremost, it is an offence to travel while bankrupt, or even to make arrangements to travel without the written consent of your bankruptcy trustee. As mentioned the rules on this particular 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 keep someone who is facing bankruptcy from fleeing the country. But for many people out there who, as an example have a small business in Coffs Harbour and have just made some poor decisions, this won’t be the risk, but the constraints will still apply.
For instance, we once had a client in Coffs Harbour 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 violation of the bankruptcy conditions, and she in fact faced some significant issues for departing the country without permission.
In all honesty, if she had followed the systems there would have been no actual issue due to 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 find yourself in trouble– and this is just among one of the often neglected restrictions when it relates to Insolvency Advice. You should make sure that you comprehend as much as you can about Insolvency Advice as early on as possible since only then can you try to make the best decision for your situation. I recommend that you make use of our free consultation at Bankruptcy Experts Coffs Harbour on 1300 795 575. And if you have any other questions of concerns about overseas travel or Insolvency Advice, then also check out our website www.bankruptcyExpertsCoffsHarbour.com.au.