Something that lots of people don’t realise when they explore Insolvency Advice is that it can actually prevent you from travelling internationally. This is one particular thing that many people forget, and it can certainly get you in a lot of trouble.
If you are being confronted by Bankruptcy then travel is probably one of your lesser concerns– but it is nevertheless important to know about. However if you are currently more concerned about assets, your house, your home, and what they will leave you with, then I would wholeheartedly recommend you make the most of our free consult at Bankruptcy Experts Mildura 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 looking at Insolvency Advice, because it is ultimately often the smartest decision to make, but I want you to be mindful of all the scenarios 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 may be longer if you break the rules. There are a multitude of them, so please do consult a skilled professional service, like that at Bankruptcy Experts Mildura. For now, let’s discuss 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 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. Generally these regulation exist to prevent someone who is facing bankruptcy from fleeing the country. But for the majority of people out there who, for example have a small company in Mildura 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 Mildura 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 heavy issues for departing the country without permission.
In all honesty, if she had followed the procedures 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 do not ask permission you will find yourself in trouble– and this is just among one of the commonly neglected restrictions when it concerns Insolvency Advice. You should ensure that you understand as much as you can about Insolvency Advice as early on as possible since only then can you attempt to make the best decision for your situation. I suggest that you use our free consultation at Bankruptcy Experts Mildura on 1300 795 575. And if you have any questions of concerns about overseas travel or Insolvency Advice, then also visit our website www.bankruptcyexpertsMildura.com.au.