Something that most people don’t realise when they look into Insolvency Advice is that it can actually stop you from travelling internationally. This is one particular thing that many people forget, and it can actually get you in a lot of trouble.
If you are being confronted by Bankruptcy then traveling is probably one of your minor concerns– but it is still important to find out about. However if you are at the moment more concerned about assets, your house, your home, and what they can leave you with, then I would wholeheartedly suggest you make the most of our free appointment 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 restrictions that are placed upon you when it comes to Insolvency Advice. Now don’t let any of this stop you from looking at Insolvency Advice, because it is ultimately often the smartest decision to make, but I want you to be informed 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 deemed a bankrupt until it comes to an end following 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 variety of them, so please do consult a professional service, like that at Bankruptcy Experts Lismore. But for now, let’s talk about 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 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. Mostly these regulation exist to keep someone who is facing bankruptcy from fleeing the country. But for many people out there who, for instance have a small company in Lismore and have just made some poor decisions, this won’t be the risk, but the constraints will still apply.
For instance, we once had a consumer in Lismore 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 severe issues for departing the country without permission.
In all honesty, if she had adhered to the steps there would have been no real issue because of the circumstances, but rules are rules.
The process surrounding Insolvency Advice and overseas travel is discretionary on the part of the trustee, but if you don’t ask permission you will end up in trouble– and this is just one of the often neglected restrictions when it concerns Insolvency Advice. You have to make sure that you comprehend as much as you can about Insolvency Advice as early on as possible simply because only then can you try to make the best decision for your situation. I advise that you use our free consultation at Bankruptcy Experts Lismore on 1300 795 575. And if you have any questions of concerns about overseas travel or Insolvency Advice, then also explore our website www.bankruptcyexpertsLismore.com.au.