One thing that lots of folks don’t know when they look into Insolvency Advice is that it is able to actually stop you from travelling overseas. This is an element that many people forget, and it can in fact get you in a lot of trouble.
If you are facing Bankruptcy then traveling is probably one of your lesser concerns– but it is nevertheless important to learn about. However if you are right now more worried about assets, your house, your home, and what they can leave you with, then I would wholeheartedly recommend you take advantage of our free consult at Bankruptcy Experts Mackay on 1300 795 575.
But I want to explain to you here a 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 mindful 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 considered a bankrupt until it relates to an end due to discharge or annulment. This will generally be 3 years and 1 day after you file.
However! This may be longer if you break the rules. There are a variety of them, so please do consult an experienced service, like that at Bankruptcy Experts Mackay. But for now, let’s review overseas travel.
Initially, it is an offence to travel while bankrupt, or even to make arrangements to travel without the written authorization 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 stop someone who is facing bankruptcy from fleeing the country. But for most people out there who, for instance have a local business in Mackay and have just made some poor choices, this won’t be the risk, but the restrictions will still apply.
For instance, we once had a consumer in Mackay 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 really faced some heavy issues for leaving the country without permission.
In all honesty, if she had adhered to the procedures there would have been no actual issue because of 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 do not ask permission you will end up in trouble– and this is just among one of the often forgotten restrictions when it relates to Insolvency Advice. You have to make sure that you recognize as much as you can about Insolvency Advice as early on as possible simply because only then can you attempt to make the best decision for your situation. I recommend that you capitalize on our free consultation at Bankruptcy Experts Mackay on 1300 795 575. And if you have any other questions of concerns about overseas travel or Insolvency Advice, then also explore our website www.bankruptcyexpertsMackay.com.au.