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- July 5, 2016
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Something that lots of people don’t understand when they explore Insolvency Advice is that it can actually prevent you from taking a trip internationally. This is something that many people overlook, and it can in fact get you in a lot of trouble.
If you are experiencing Bankruptcy then traveling is probably one of your lower concerns– but it is still important to know about. However if you are at this time more worried about assets, your house, your home, and what they are going to leave you with, then I would wholeheartedly recommend you take advantage of our free consultation at Bankruptcy Experts Gladstone 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 relates to Insolvency Advice. Now don’t let any of this stop you from looking into Insolvency Advice, because it is ultimately often the smartest decision to make, but I want you to be mindful of all the circumstances 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 relates to an end following discharge or annulment. This will traditionally be 3 years and 1 day after you file.
However! This may be longer if you break the rules. There are a lot of them, so please do consult a skilled professional service, like that at Bankruptcy Experts Gladstone. For now, let’s tackle overseas travel.
Firstly, 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 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 keep someone who is facing bankruptcy from fleeing the country. But for many people out there who, for example have a business in Gladstone 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 client in Gladstone 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 breach of the bankruptcy conditions, and she really faced some heavy issues for leaving the country without permission.
In all honesty, if she had followed the process there would have been no actual 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 don’t ask permission you will find yourself in trouble– and this is just among one of the usually overlooked restrictions when it concerns Insolvency Advice. You should make sure that you understand as much as you can about Insolvency Advice as early as possible since only then can you attempt to make the very best decision for your situation. I recommend that you make use of our free consultation at Bankruptcy Experts Gladstone on 1300 795 575. And if you have some other questions of concerns about overseas travel or Insolvency Advice, then also visit our website www.bankruptcyexpertsgladstone.com.au.