Something that lots of people don’t realise when they explore Insolvency Advice is that it can actually stop you from taking a trip overseas. This is one thing that many people forget, and it can actually get you in a lot of trouble.
If you are encountering Bankruptcy then traveling is probably one of your lower concerns– but it is nonetheless important to learn about. However if you are at this time more concerned about assets, your house, your home, and what they can leave you with, then I would wholeheartedly suggest you take advantage of our free appointment at Bankruptcy Experts Newcastle on 1300 795 575.
But I want to explain to you here a 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 considering Insolvency Advice, because it is ultimately 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 considered as a bankrupt until it concerns an end as a result of discharge or annulment. This will ordinarily be 3 years and 1 day after you file.
However! This can be longer if you break the rules. There are a variety of them, so please do consult a skilled professional service, like that at Bankruptcy Experts Newcastle. For now, let’s explain overseas travel.
First of all, it is an offence to travel while bankrupt, or even to make arrangements to travel without the written authorization 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. For the most part 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 local business in Newcastle and have just made some poor choices, this won’t be the risk, but the restrictions will still apply.
For instance, we once had a consumer in Newcastle 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 in fact faced some substantial issues for departing the country without permission.
In all honesty, if she had followed the procedures there would have been no actual issue due to 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 do not ask permission you will find yourself in trouble– and this is just one of the typically overlooked restrictions when it comes to Insolvency Advice. You need to make sure that you recognize as much as you can about Insolvency Advice as early as possible simply because only then can you try to make the best decision for your situation. I advise that you take advantage of our free consultation at Bankruptcy Experts Newcastle 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.bankruptcyexpertsNewcastle.com.au.