Something that lots of folks don’t understand when they take a look at Insolvency Advice is that it is able to actually stop you from taking a trip internationally. This is one thing that many people overlook, and it can certainly get you in a lot of trouble.
If you are grappling with Bankruptcy then traveling is probably one of your minor concerns– but it is nevertheless important to find out about. However if you are right now 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 appointment at Bankruptcy Experts Port Macquarie on 1300 795 575.
But I want to clarify to you here a 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 taking a look at Insolvency Advice, because it is essentially often the smartest decision to make, but I want you to be mindful of all the scenarios that can affect you.
So firstly, when it relates to Insolvency Advice you should know that once you declare bankruptcy you are to be deemed a bankrupt until it concerns an end due to discharge or annulment. This will commonly be 3 years and 1 day after you file.
However! This may be longer if you break the rules. There are a number of them, so please do consult a skilled professional service, like that at Bankruptcy Experts Port Macquarie. But for now, let’s explain overseas travel.
Firstly, it is an offence to travel while bankrupt, or even to make arrangements to travel without the written permission 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 most people out there who, as an example have a small company in Port Macquarie 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 consumer in Port Macquarie 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 considerable issues for leaving the country without permission.
In all honesty, if she had followed the process there would have been no serious issue considering the circumstances, but rules are rules.
The process surrounding Insolvency Advice and overseas travel is optional on the part of the trustee, but if you don’t ask permission you will end up in trouble– and this is just one of the commonly overlooked restrictions when it concerns Insolvency Advice. You have to make sure that you understand as much as you can about Insolvency Advice as early on as possible because 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 Port Macquarie on 1300 795 575. And if you have any other questions of concerns about overseas travel or Insolvency Advice, then also go to our website www.bankruptcyexpertsPortMacquarie.com.au.