One thing that lots of people don’t realise when they explore Bankruptcy is that it can actually stop you from travelling internationally. This is a little something that many people forget, and it can in fact get you in a lot of trouble.
If you are grappling with Bankruptcy then traveling is probably one of your minor concerns– but it is nonetheless important to find out about. However if you are currently more nervous about assets, your house, your home, and what they will leave you with, then I would wholeheartedly propose you take advantage of our free appointment at Bankruptcy Australia 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 Bankruptcy. Now don’t let any of this stop you from looking into 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 relates to Bankruptcy you should know that once you declare bankruptcy you are to be considered as a bankrupt until it comes to an end as a result of discharge or annulment. This will conventionally be 3 years and 1 day after you file.
However! This can be longer if you break the rules. There are a number of them, so please do consult a professional service, like that at Bankruptcy 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 permission of your bankruptcy trustee. As mentioned the rules on this particular part of Bankruptcy are clear, and you can face an extension of your bankruptcy period– or even face imprisonment upon conviction. Generally these regulation exist to keep someone who is facing bankruptcy from fleeing the country. But for many people out there who, for instance have a business in Australia and have just made some poor choices, this won’t be the risk, but the restrictions will still apply.
For instance, we once had a consumer 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 breach of the bankruptcy conditions, and she really faced some severe issues for leaving the country without permission.
In all honesty, if she had followed the process there would have been no serious issue because of 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 find yourself in trouble– and this is just one of the typically overlooked restrictions when it concerns Bankruptcy. You have to ensure that you comprehend as much as you can about Bankruptcy as early on as possible simply because only then can you try to make the best decision for your situation. I suggest that you capitalize on our free consultation at Bankruptcy Australia on 1300 795 575. And if you have some other questions of concerns about overseas travel or Bankruptcy, then also check out our website www.bankruptcy-australia.net.au.