One thing that most people don’t understand when they look at Bankruptcy is that it can actually prevent you from taking a trip overseas. This is one thing that many people overlook, and it can actually get you in a lot of trouble.
If you are dealing with Bankruptcy then traveling is probably one of your lower concerns – but it is nevertheless important to learn about. However if you are at the moment more concerned about assets, your house, your home, and what they will likely leave you with, then I would wholeheartedly advise you take advantage of our free consultation at Bankruptcy Advice Australia on 1300 879 867.
But I want to explain to you here a little bit about some of your obligations and restrictions that are placed upon you when it relates to Bankruptcy. Now don’t let any of this stop you from taking a look at Bankruptcy, because it is essentially often the smartest decision to make, but I want you to be informed of all the scenarios that can affect you.
So firstly, when it concerns Bankruptcy 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 variety of them, so please do consult a qualified professional service, like that at Bankruptcy Advice Australia. For now, let’s explore overseas travel.
Firstly, it is an offence to travel while bankrupt, or even to make preparations to travel without the written consent of your bankruptcy trustee. As mentioned the rules on this part of Bankruptcy 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 keep someone who is facing bankruptcy from fleeing the country. But for many people out there who, for example have a small company in Australia and have just made some poor decisions, this won’t be the risk, but the restrictions will still apply.
For instance, we once had a customer in Australia 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 observed the steps there would have been no serious issue due to the circumstances, but rules are rules.
The process surrounding Bankruptcy 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 among one of the usually discounted restrictions when it concerns Bankruptcy. You should ensure that you comprehend as much as you can about Bankruptcy as early on as possible because only then can you attempt to make the best decision for your situation. I recommend that you take advantage of our free consultation at Bankruptcy Advice Australia on 1300 879 867. And if you have any questions of concerns about overseas travel or Bankruptcy, then also check out our website www.bankruptcy-advice.com.au