Insolvency Advice Wollongong– how travel can get you in trouble.
Something that quite a few people don’t know when they look at Insolvency Advice is that it is able to actually prevent you from travelling overseas. This is a little something that many people overlook, and it can certainly get you in a lot of trouble.
If you are being confronted by Bankruptcy then travel is probably one of your lower concerns– but it is nonetheless important to find out about. However if you are at the moment more nervous about assets, your house, your home, and what they are going to leave you with, then I would wholeheartedly advise you make the most of our free consult at Bankruptcy Experts Wollongong on 1300 795 575.
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 comes to Insolvency Advice. Now don’t let any of this stop you from exploring Insolvency Advice, because it is essentially often the smartest decision to make, but I want you to be informed of all the circumstances 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 as a bankrupt until it relates to an end following discharge or annulment. This will generally 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 specialist service, like that at Bankruptcy Experts Wollongong. But for now, let’s tackle overseas travel.
Initially, it is an offence to travel while bankrupt, or even to make preparations to travel without the written authorization of your bankruptcy trustee. As discussed the rules on this part of Insolvency Advice 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 most people out there who, for example have a local business in Wollongong and have just made some poor choices, this won’t be the risk, but the constraints will still apply.
For instance, we once had a client in Wollongong 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 in fact faced some significant issues for departing the country without permission.
In all honesty, if she had observed the procedures there would have been no actual issue considering 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 do not ask permission you will find yourself in trouble– and that is just one of the usually discounted restrictions when it concerns Insolvency Advice. You should make sure that you recognize as much as you can about Insolvency Advice as early on as possible simply because only then can you try to make the very best decision for your situation. I suggest that you capitalize on our free consultation at Bankruptcy Experts Wollongong on 1300 795 575. And if you have any other questions of concerns about overseas travel or Insolvency Advice, then also visit our website www.bankruptcyexpertsWollongong.com.au.