One point that some folks really don’t understand when they take a look at Bankruptcy is that it can effectively prevent you from travelling abroad. This is an aspect that many individuals overlook, and it can in fact get you in a great deal of trouble.
In the event that you are facing Insolvency then traveling is probably among your minor worries– but it is however important to learn about. However if you are at present more anxious about assets, your house, your home, and what they are able to leave you with, then I would completely advise you benefit from our free consult at Bankruptcy Experts Lismore on 1300 795 575.
But I want to clarify to you here a little bit about some of your obligations and limitations that are placed upon you when it relates to Bankruptcy. Now don’t let all of this stop you from looking at Bankruptcy, since it is essentially often the smartest selection to make, but I wish you to be familiar with all the scenarios that can impact you.
So first of all, when it comes to Bankruptcy you should realise that once you declare personal bankruptcy you are to be regarded as a bankrupt until it comes to an end following discharge or annulment. This will generally be 3 years and 1 day after you declare.
But! This may be for a longer time if you break the rules. There are a number of them, so kindly do seek advice from a qualified expert service, like that at Bankruptcy Experts Lismore. But for right now, let us review overseas travel.
First and foremost, it is an offense to take a trip while bankrupt, or even to make arrangements to travel without having the written permission of your bankruptcy trustee. As pointed out the rules on this specific aspect of Bankruptcy are clear, and you can face an increase of your bankruptcy time period– or even face imprisonment upon conviction. Generally these regulations exist to prevent someone who is facing bankruptcy from leaving the country. For the majority of individuals out there who, as an example have a local business in Lismore and have simply just made some poor judgments, this won’t be the risk, but the limits will still apply.
For instance, we once had a customer in Lismore who declared insolvency and a year later was sadly told that their mother passed away in her home in England. Our client, clearly upset, got the next flight available to go and see her family. However, this was in breach of the bankruptcy conditions, and she really faced some substantial complications for exiting the country without consent.
In all honesty, if she had adhered to the process there would certainly have been no serious complication as a result of the circumstances, but rules are rules.
The technique incorporating Bankruptcy and international travel is optional on the part of the trustee, but if you do not request consent you are going to end up in trouble– and that is just among one of the usually neglected limitations when it concerns Bankruptcy. You should ensure that you are aware of as much as you can about Bankruptcy as early on as possible because only then can you try to make the very best decision for your case. I suggest that you make use of our free assessment at Bankruptcy Experts Lismoreon 1300 795 575. And if you have any other questions or worries about overseas travel or Bankruptcy, then also have a look at our website www.bankruptcyexpertslismore.com.au.