One point that some folks do not comprehend when they have a look at Bankruptcy is that it can actually prevent you from taking a trip abroad. This is an element that many people neglect, and it can actually get you in a great deal of trouble.
If you are facing Insolvency then vacationing is most likely amongst your minor considerations– but it is nevertheless crucial to learn about. Having said that if you are presently more nervous about assets, your house, your home, and what they are going to leave you with, then I would completely urge you take advantage of our free consult at Bankruptcy Experts Northern Rovers on 1300 795 575.
However I would like to make clear to you here a little regarding a number of your obligations and restrictions that are placed upon you when it relates to Bankruptcy. Now do not let all of this deter you from looking at Bankruptcy, since it is essentially often the smartest decision to make, but I want you to become aware of all the scenarios that can have an effect on you.
So to begin with, when it comes to Bankruptcy you ought to realise that as soon as you declare personal bankruptcy you are to be regarded as a bankrupt until it comes to an end following discharge or annulment. This will normally be 3 years and 1 day after you file.
But! This may be extended if you break the rules. There are a number of them, so please do speak with a qualified professional service, like that at Bankruptcy Experts Northern Rivers. But for now, let’s discuss overseas travel.
Firstly, it is an offence to travel while bankrupt, or even to make plans to travel without the written consent of your bankruptcy trustee. As pointed out the regulations on this specific part of Bankruptcy are clear, and you can face an extension of your insolvency period– or even face jail time upon conviction. Basically these regulations are present to keep a person who is facing insolvency from fleeing the country. But for the majority of individuals out there who, as an example have a local business in Northern Rivers 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 client in Northern Rivers who declared insolvency and a year later was unfortunately told that their mother died in her home in England. Our customer, obviously distressed, went on the next plane available to go and see her relatives. Nonetheless, this was in conflict of the bankruptcy conditions, and she truly encountered some significant problems for departing the country without authorization.
In all honesty, if she had followed the process there would have been no major problem due to the situation, but rules are rules.
The process encompassing Bankruptcy and overseas travel is an option on the part of the trustee, but if you do not ask authorization you will find yourself in trouble– and that is just among one of the usually overlooked restrictions when it involves Bankruptcy. You should make sure that you understand as much as you can about Bankruptcy as early on as possible because only then can you attempt to make the very best decision for your case. I recommend that you make use of our free consultation at Bankruptcy Experts Northern Roverson 1300 795 575. And if you have any other questions or worries about overseas traveling or Bankruptcy, then also have a look at our website www.bankruptcyexpertsnorthernrivers.com.au.