One thing that some people don’t realise when they take a look at Insolvency Advice is that it is able to actually prevent you from taking a trip internationally. This is one thing that many people forget, and it can in fact get you in a lot of trouble.
If you are grappling with Bankruptcy then travel is probably one of your lesser concerns– but it is nevertheless important to find out about. However if you are currently more anxious about assets, your house, your home, and what they may leave you with, then I would wholeheartedly propose you take advantage of our free consultation at Bankruptcy Experts Toowoomba 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 relates to Insolvency Advice. Now don’t let any of this stop you from looking into Insolvency Advice, because it is essentially often the smartest decision to make, but I want you to be informed of all the scenarios that can affect you.
So firstly, when it comes to Insolvency Advice you should know that once you declare bankruptcy you are to be deemed a bankrupt until it comes to an end following discharge or annulment. This will typically be 3 years and 1 day after you file.
However! This could 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 Toowoomba. But for now, let’s explain 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 pointed out 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. Essentially these regulation exist to stop someone who is facing bankruptcy from fleeing the country. But for many people out there who, as an example have a small business in Toowoomba and have just made some poor judgments, this won’t be the risk, but the constraints will still apply.
For instance, we once had a client in Toowoomba 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 significant issues for departing the country without permission.
In all honesty, if she had adhered to the systems there would have been no serious issue due to the circumstances, but rules are rules.
The process encompassing Insolvency Advice and overseas travel is optional on the part of the trustee, but if you do not ask permission you will end up in trouble– and this is just among one of the typically forgotten restrictions when it comes to Insolvency Advice. You need to ensure that you comprehend as much as you can about Insolvency Advice as early as possible since only then can you try to make the very best decision for your situation. I advise that you make use of our free consultation at Bankruptcy Experts Toowoomba on 1300 795 575. And if you have any questions of concerns about overseas travel or Insolvency Advice, then also visit our website www.bankruptcyexpertsToowoomba.com.au.