Insolvency Advice Sydney– how travel can get you in trouble.
Something that some people don’t realise when they explore Insolvency Advice is that it is able to actually prevent you from taking a trip internationally. This is something that many people overlook, and it can in fact get you in a lot of trouble.
If you are encountering Bankruptcy then travel is probably one of your minor concerns– but it is still important to understand about. However if you are right now more worried about assets, your house, your home, and what they can leave you with, then I would wholeheartedly propose you take advantage of our free consultation at Bankruptcy Experts Sydney on 1300 795 575.
But I want to clarify to you here a little bit about some of your obligations and restrictions that are placed upon you when it relates to Insolvency Advice. Now don’t let any of this stop you from looking at Insolvency Advice, because it is essentially often the smartest decision to make, but I want you to be mindful of all the situations that can affect you.
So firstly, when it comes to Insolvency Advice you should know that once you declare bankruptcy you are to be regarded as a bankrupt until it relates to an end following discharge or annulment. This will commonly 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 service, like that at Bankruptcy Experts Sydney. For now, let’s go over overseas travel.
Initially, it is an offence to travel while bankrupt, or even to make arrangements to travel without the written authorization of your bankruptcy trustee. As pointed out 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. Mostly 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 business in Sydney and have just made some poor decisions, this won’t be the risk, but the limitations will still apply.
For instance, we once had a client in Sydney 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 significant issues for departing the country without permission.
In all honesty, if she had adhered to 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 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 usually forgotten restrictions when it relates to Insolvency Advice. You have to make sure that you recognize as much as you can about Insolvency Advice as early as possible simply because only then can you attempt to make the best decision for your situation. I advise that you make use of our free consultation at Bankruptcy Experts Sydney on 1300 795 575. And if you have any questions of concerns about overseas travel or Insolvency Advice, then also visit our website www.bankruptcyexpertsSydney.com.au.