One thing that some people don’t understand when they take a look at Insolvency Advice is that it can actually prevent you from travelling overseas. This is an element that many people overlook, and it can in fact get you in a lot of trouble.
If you are facing Bankruptcy then traveling is probably one of your minor concerns– but it is nonetheless important to know about. However if you are currently more nervous about assets, your house, your home, and what they are going to leave you with, then I would wholeheartedly advise you take advantage of our free consult at Bankruptcy Experts Adelaide 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 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 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 deemed a bankrupt until it comes to an end following discharge or annulment. This will typically 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 a qualified professional service, like that at Bankruptcy Experts Adelaide. But for now, let’s go over overseas travel.
First and foremost, it is an offence to travel while bankrupt, or even to make arrangements to travel without the written authorization 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. Essentially these regulation exist to prevent someone who is facing bankruptcy from fleeing the country. But for the majority of people out there who, as an example have a small business in Adelaide and have just made some poor judgments, this won’t be the risk, but the limitations will still apply.
For instance, we once had a customer in Adelaide 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 substantial issues for departing the country without permission.
In all honesty, if she had adhered to the process there would have been no serious issue due to 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 do not ask permission you will find yourself in trouble– and that is just one of the typically forgotten restrictions when it concerns Insolvency Advice. You should make sure that you understand as much as you can about Insolvency Advice as early on as possible because only then can you attempt to make the best decision for your situation. I suggest that you make use of our free consultation at Bankruptcy Experts Adelaide on 1300 795 575. And if you have any other questions of concerns about overseas travel or Insolvency Advice, then also check out our website www.bankruptcyexpertsadelaide.com.au.