Something that some people don’t realise when they explore Insolvency Advice is that it can actually prevent you from taking a trip internationally. This is one thing that many people forget, and it can certainly get you in a lot of trouble.
If you are facing Bankruptcy then traveling is probably one of your minor concerns– but it is nevertheless important to know about. However if you are at the moment more anxious about assets, your house, your home, and what they will most likely leave you with, then I would wholeheartedly propose you make the most of our free consult at Bankruptcy Experts Hobart 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 taking a look at Insolvency Advice, because it is essentially often the smartest decision to make, but I want you to be informed of all the situations 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 concerns an end following discharge or annulment. This will commonly be 3 years and 1 day after you file.
However! This could be longer if you break the rules. There are a number of them, so please do consult a specialist service, like that at Bankruptcy Experts Hobart. But for now, let’s explain overseas travel.
Initially, it is an offence to travel while bankrupt, or even to make preparations to travel without the written approval 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 stop 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 Hobart 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 consumer in Hobart 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 considerable issues for departing the country without permission.
In all honesty, if she had adhered to 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 optional 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 frequently neglected restrictions when it concerns Insolvency Advice. You should ensure that you comprehend as much as you can about Insolvency Advice as early as possible since only then can you try to make the very best decision for your situation. I recommend that you take advantage of our free consultation at Bankruptcy Experts Hobart 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.bankruptcyexpertshobart.com.au.