One thing that quite a few people don’t understand when they consider Insolvency Advice is that it can actually stop you from taking a trip internationally. This is one particular thing that many people overlook, and it can certainly get you in a lot of trouble.
If you are grappling with Bankruptcy then travel is probably one of your minor concerns– but it is nevertheless important to understand about. However if you are right now more nervous about assets, your house, your home, and what they may leave you with, then I would wholeheartedly recommend you make the most of our free appointment at Bankruptcy Experts Gold Coast 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 at Insolvency Advice, because it is essentially often the smartest decision to make, but I want you to be aware 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 a bankrupt until it relates to an end as a result of discharge or annulment. This will usually 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 specialist service, like that at Bankruptcy Experts Gold Coast. But for now, let’s go over overseas travel.
Firstly, it is an offence to travel while bankrupt, or even to make preparations 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, for instance have a business in Gold Coast 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 customer in Gold Coast 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 contravention of the bankruptcy conditions, and she really faced some considerable issues for departing the country without permission.
In all honesty, if she had adhered to the process there would have been no real issue because of 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 don’t ask permission you will end up in trouble– and that is just one of the commonly discounted restrictions when it concerns Insolvency Advice. You should ensure that you recognize as much as you can about Insolvency Advice as early as possible simply because 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 Gold Coast 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.bankruptcyexpertsGoldCoast.com.au.