Bankruptcy Wollongong – how traveling can get you in trouble.
One point that a number of folks do not comprehend when they have a look at Bankruptcy is that it can actually stop you from travelling overseas. This is an element that many people forget, and it could indeed get you in a lot of trouble.
In case you are facing Insolvency then vacationing is possibly one of your minor concerns– but it is however important to learn about. However if you are currently more nervous about assets, your house, your home, and what they are going to leave you with, then I would wholeheartedly urge you take advantage of our free consult at Bankruptcy Experts Wollongong on 1300 795 575.
But I would like to make clear to you here a little regarding a number of your responsibilities and limitations that are placed upon you when it relates to Bankruptcy. Now do not allow all of this deter you from looking at Bankruptcy, since it is essentially often the smartest decision to make, but I wish you to become aware of all the cases that may impact you.
So first of all, when it comes to Bankruptcy you need to understand that once you declare personal bankruptcy you are to be considered a bankrupt until it comes to an end following discharge or annulment. This will generally be 3 years and 1 day after you file.
However! This may be for a longer time if you break the rules. There are a number of them, so kindly do speak with a qualified professional service, like that at Bankruptcy Experts Wollongong. But for now, let us discuss overseas travel.
First and foremost, it is an offence to travel while bankrupt, as well as to make plans to travel without having the written permission of your bankruptcy trustee. As pointed out the rules on this specific part of Bankruptcy are very clear, and you can face an extension of your bankruptcy time frame– and even face jail time upon conviction. Generally these regulations are present to stop someone who is facing bankruptcy from leaving the country. For the majority of people out there who, as an illustration have a local business in Wollongong and have just made some poor judgments, this won’t be the risk, but the restrictions will still apply.
For instance, we once had a customer in Wollongong who declared insolvency and a year later was unfortunately told that their mother died in her home in England. Our client, clearly distressed, took the next flight readily available to go and see her family. Nonetheless, this was in contravention of the bankruptcy conditions, and she really dealt with some considerable issues for departing the country without consent.
In all honesty, if she had complied with the process there would have been no serious complication as a result of the situation, but rules are rules.
The technique incorporating Bankruptcy and foreign travel is an option on the part of the trustee, but if you do not ask permission you are going to find yourself in trouble– which is just one of the typically neglected restrictions when it involves Bankruptcy. You should make sure that you comprehend as much as you can about Bankruptcy as early on as possible because only then can you try to get the best choice for your situation. I recommend that you make use of our free assessment at Bankruptcy Experts Wollongongon 1300 795 575. And if you have any other questions or concerns about international travel or Bankruptcy, then also check out our website www.bankruptcyexpertswollongong.com.au.