|March 3, 2017||0|
One thing that many people don’t realise when they take a look at Bankruptcy is that it is able to actually prevent you from taking a trip internationally. This is one particular thing that many people overlook, and it can in fact get you in a lot of trouble.
If you are being confronted by Bankruptcy then traveling is probably one of your lower concerns– but it is nevertheless important to know about. However if you are right now more nervous about assets, your house, your home, and what they will most likely leave you with, then I would wholeheartedly suggest you make the most of our free appointment at Fresh Start Solutions Australia on 1300 818 575.
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 Bankruptcy. Now don’t let any of this stop you from considering Bankruptcy, because it is ultimately 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 Bankruptcy you should know that once you declare bankruptcy you are to be deemed a bankrupt until it comes to an end due to discharge or annulment. This will traditionally be 3 years and 1 day after you file.
However! This could be longer if you break the rules. There are a variety of them, so please do consult a skilled service, like that at Fresh Start Solutions Australia. But for now, let’s discuss overseas travel.
To start with, it is an offence to travel while bankrupt, or even to make arrangements to travel without the written approval of your bankruptcy trustee. As mentioned the rules on this part of Bankruptcy are clear, and you can face an extension of your bankruptcy period– or even face imprisonment upon conviction. Mostly these regulation exist to prevent someone who is facing bankruptcy from fleeing the country. But for most people out there who, as an example have a small business in Australia and have just made some poor decisions, this won’t be the risk, but the constraints will still apply.
For instance, we once had a customer in Australia 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 violation of the bankruptcy conditions, and she actually faced some heavy 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 Bankruptcy and overseas travel is discretionary on the part of the trustee, but if you don’t ask permission you will end up in trouble– and this is just among one of the often overlooked restrictions when it comes to Bankruptcy. You need to make sure that you recognize as much as you can about Bankruptcy as early on as possible simply because only then can you try to make the very best decision for your situation. I recommend that you make the most of our free consultation at Fresh Start Solutions Australia on 1300 818 575. And if you have some other questions of concerns about overseas travel or Bankruptcy, then also visit our website www.freshstartsolutions.com.au.