One thing that some people don’t understand when they look into Insolvency Advice is that it can actually prevent you from travelling overseas. This is a little something that many people forget, and it can certainly get you in a lot of trouble.
If you are dealing with Bankruptcy then traveling is probably one of your minor concerns– but it is still important to keep in mind. However if you are currently more nervous about assets, your house, your home, and what they may leave you with, then I would wholeheartedly encourage you make the most of our free consult at Bankruptcy Experts Cairns 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 comes to Insolvency Advice. Now don’t let any of this stop you from considering Insolvency Advice, because it is ultimately often the smartest decision to make, but I want you to be aware 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 comes to an end following discharge or annulment. This will conventionally be 3 years and 1 day after you file.
However! This may be longer if you break the rules. There are a number of them, so please do consult an expert service, like that at Bankruptcy Experts Cairns. But for now, let’s explain overseas travel.
First and foremost, it is an offence to travel while bankrupt, or even to make preparations to travel without the written permission of your bankruptcy trustee. As pointed out 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 the majority of people out there who, for instance have a business in Cairns and have just made some poor decisions, this won’t be the risk, but the restrictions will still apply.
For instance, we once had a customer in Cairns 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 severe issues for departing the country without permission.
In all honesty, if she had followed 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 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 usually neglected restrictions when it relates to Insolvency Advice. You have to ensure 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 advise that you make use of our free consultation at Bankruptcy Experts Cairns 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.bankruptcyexpertsCairns.com.au.