Something that lots of people don’t realise when they consider Insolvency Advice is that it can actually stop you from travelling overseas. This is something that many people overlook, and it can certainly get you in a lot of trouble.
If you are facing Bankruptcy then travel is probably one of your minor concerns– but it is still important to understand 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 suggest you make the most of our free consult at Bankruptcy Experts Perth on 1300 795 575.
But I want to clarify to you here a bit about some of your obligations and restrictions that are placed upon you when it concerns Insolvency Advice. Now don’t let any of this stop you from taking a look at Insolvency Advice, because it is essentially often the smartest decision to make, but I want you to be mindful of all the situations that can affect you.
So firstly, when it relates to Insolvency Advice you should know that once you declare bankruptcy you are to be deemed a bankrupt until it relates to an end as a result of 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 number of them, so please do consult a specialist service, like that at Bankruptcy Experts Perth. For now, let’s review overseas travel.
To start with, it is an offence to travel while bankrupt, or even to make arrangements to travel without the written permission of your bankruptcy trustee. As discussed the rules on this part of Insolvency Advice are clear, and you can face an extension of your bankruptcy period– or even face imprisonment upon conviction. For the most part these regulation exist to keep someone who is facing bankruptcy from fleeing the country. But for the majority of people out there who, for instance have a small company in Perth and have just made some poor decisions, this won’t be the risk, but the limitations will still apply.
For instance, we once had a client in Perth 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 heavy issues for leaving the country without permission.
In all honesty, if she had observed the systems there would have been no actual 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 among one of the often overlooked restrictions when it concerns Insolvency Advice. You have to ensure that you comprehend as much as you can about Insolvency Advice as early on as possible because only then can you attempt to make the very best decision for your situation. I advise that you make use of our free consultation at Bankruptcy Experts Perth on 1300 795 575. And if you have any other questions of concerns about overseas travel or Insolvency Advice, then also go to our website www.bankruptcyexpertsPerth.com.au.