One thing that quite a few people don’t know when they look into Insolvency Advice is that it can actually stop you from taking a trip overseas. This is a thing that many people overlook, and it can certainly get you in a lot of trouble.
If you are grappling with Bankruptcy then traveling is probably one of your minor concerns– but it is nonetheless important to keep in mind. 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 recommend you make the most of our free appointment at Bankruptcy Advice Perth on 1300 879 867.
But I want to explain to you here a bit about some of your obligations and restrictions that are placed upon you when it concerns 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 aware of all the situations that can affect you.
So firstly, when it concerns Insolvency Advice you should know that once you declare bankruptcy you are to be regarded as a bankrupt until it comes to an end due to discharge or annulment. This will ordinarily 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 qualified professional service, like that at Bankruptcy Advice Perth. For now, let’s discuss 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 mentioned 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. Mostly these regulation exist to stop someone who is facing bankruptcy from fleeing the country. But for the majority of people out there who, for instance have a small business in Perth and have just made some poor choices, this won’t be the risk, but the limitations will still apply.
For instance, we once had a customer in Perth 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 severe issues for departing the country without permission.
In all honesty, if she had observed the procedures there would have been no serious issue due to the circumstances, but rules are rules.
The process encompassing 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 commonly overlooked restrictions when it comes to Insolvency Advice. You should ensure that you recognize as much as you can about Insolvency Advice as early on as possible simply because only then can you attempt to make the best decision for your situation. I suggest that you make the most of our free consultation at Bankruptcy Advice Perth on 1300 879 867. And if you have any questions of concerns about overseas travel or Insolvency Advice, then also check out our website www.bankruptcy-advice.com.au/Perth.