One thing that most people don’t understand when they look at Insolvency Advice is that it can actually stop you from travelling overseas. This is one thing that many people forget, and it can certainly get you in a lot of trouble.
If you are going up against Bankruptcy then travel is probably one of your lower concerns– but it is nonetheless important to understand about. However if you are currently more nervous about assets, your house, your home, and what they will most likely leave you with, then I would wholeheartedly advise you take advantage of our free consult at Bankruptcy Experts Geraldton 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 looking at Insolvency Advice, because it is essentially 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 considered as a bankrupt until it concerns an end because of discharge or annulment. This will generally be 3 years and 1 day after you file.
However! This could be longer if you break the rules. There are a lot of them, so please do consult a skilled service, like that at Bankruptcy Experts Geraldton. For now, let’s go over overseas travel.
To begin with, it is an offence to travel while bankrupt, or even to make arrangements to travel without the written consent of your bankruptcy trustee. As discussed 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, for example have a local business in Geraldton 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 client in Geraldton 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 breach of the bankruptcy conditions, and she in fact faced some considerable issues for departing the country without permission.
In all honesty, if she had observed the process there would have been no actual issue due to 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 do not ask permission you will end up in trouble– and that is just among one of the usually overlooked restrictions when it comes to Insolvency Advice. You need to make sure that you recognize 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 suggest that you make the most of our free consultation at Bankruptcy Experts Geraldton 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.bankruptcyexpertsGeraldton.com.au.