One thing that lots of folks don’t realise when they take a look at Insolvency Advice is that it can actually prevent you from travelling internationally. This is a thing that many people overlook, and it can actually get you in a lot of trouble.
If you are going up against Bankruptcy then travel is probably one of your minor concerns– but it is nonetheless important to know about. However if you are right now more nervous about assets, your house, your home, and what they will likely leave you with, then I would wholeheartedly recommend you make the most of our free appointment at Bankruptcy Experts Townsville 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 relates to Insolvency Advice. Now don’t let any of this stop you from looking into Insolvency Advice, because it is ultimately often the smartest decision to make, but I want you to be informed of all the circumstances 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 traditionally be 3 years and 1 day after you file.
However! This may be longer if you break the rules. There are a multitude of them, so please do consult a skilled service, like that at Bankruptcy Experts Townsville. But for now, let’s review overseas travel.
First of all, it is an offence to travel while bankrupt, or even to make preparations to travel without the written authorization of your bankruptcy trustee. As pointed out 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. Essentially 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 Townsville 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 Townsville 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 severe issues for leaving the country without permission.
In all honesty, if she had adhered to 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 that is just one of the frequently neglected restrictions when it comes to Insolvency Advice. You should ensure that you comprehend as much as you can about Insolvency Advice as early on as possible since only then can you attempt to make the best decision for your situation. I advise that you make the most of our free consultation at Bankruptcy Experts Townsville on 1300 795 575. And if you have some other questions of concerns about overseas travel or Insolvency Advice, then also see our website www.bankruptcyexpertsTownsville.com.au.