One thing that lots of folks don’t know when they look into Filing for Bankruptcy is that it can actually prevent you from taking a trip overseas. This is an element 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 lesser concerns– but it is still important to know about. However if you are currently more worried about assets, your house, your home, and what they will likely leave you with, then I would wholeheartedly propose you make the most of our free consultation at Bankruptcy Experts Maitland 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 Filing for Bankruptcy. Now don’t let any of this stop you from taking a look at Filing for Bankruptcy, because it is ultimately often the smartest decision to make, but I want you to be aware of all the scenarios that can affect you.
So firstly, when it concerns Filing for Bankruptcy you should know that once you declare bankruptcy you are to be regarded as a bankrupt until it comes to an end following discharge or annulment. This will usually be 3 years and 1 day after you file.
However! This may be longer if you break the rules. There are a lot of them, so please do consult a skilled service, like that at Bankruptcy Experts Maitland. But for now, let’s go over overseas travel.
First and foremost, 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 Filing for Bankruptcy are clear, and you can face an extension of your bankruptcy period– or even face imprisonment upon conviction. Generally these regulation exist to prevent someone who is facing bankruptcy from fleeing the country. But for the majority of people out there who, for example have a small company in Maitland and have just made some poor judgments, this won’t be the risk, but the limitations will still apply.
For instance, we once had a client in Maitland 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 contravention of the bankruptcy conditions, and she actually faced some considerable issues for departing the country without permission.
In all honesty, if she had adhered to the systems there would have been no serious issue because of the circumstances, but rules are rules.
The process surrounding Filing for Bankruptcy and overseas travel is discretionary on the part of the trustee, but if you don’t ask permission you will find yourself in trouble– and this is just one of the often discounted restrictions when it concerns Filing for Bankruptcy. You need to ensure that you understand as much as you can about Filing for Bankruptcy as early as possible since only then can you attempt to make the very best decision for your situation. I advise that you capitalize on our free consultation at Bankruptcy Experts Maitland on 1300 795 575. And if you have any other questions of concerns about overseas travel or Filing for Bankruptcy, then also visit our website www.bankruptcyexpertsMaitland.com.au.