Bankruptcy Australia – how travel can get you in trouble.

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.

Insolvency, Declare Bankruptcy, How to File for Bankruptcy

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.

Insolvency Advice Australia– how travel can get you in trouble.

One thing that lots of people don’t realise when they explore Insolvency Advice 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.

Insolvency, Declare Bankruptcy, How to File for Bankruptcy

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 Insolvency Advice. Now don’t let any of this stop you from looking into Insolvency Advice, 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 Insolvency Advice 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 Insolvency Advice 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 Insolvency Advice 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 Insolvency Advice. You have to ensure that you comprehend as much as you can about Insolvency Advice 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 Insolvency Advice, then also check out our website www.bankruptcy-australia.net.au.

Filing for Bankruptcy Australia – how travel can get you in trouble.

One thing that lots of people don’t realise when they explore Filing for 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.

Insolvency, Declare Bankruptcy, How to File for Bankruptcy

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 Filing for Bankruptcy. Now don’t let any of this stop you from looking into Filing for 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 Filing for 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 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 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 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 typically overlooked restrictions when it concerns Filing for Bankruptcy. You have to ensure that you comprehend as much as you can about Filing for 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 Filing for Bankruptcy, then also check out our website www.bankruptcy-australia.net.au.

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How to improve your chances of going bankrupt in Australia

Having spent years in the mysterious world of bankrupt in Australia I have produced a list to reasons people wind up declare bankruptcy and finish up broke. This is by no means an exhaustive list, there are as many ways to end up bankrupt it seems as there are hot dinners, however for the sake of everyone’s peace of mind I have kept this list to a simple Top 10.
You will notice that there is a theme in all of these and it focuses on change. It’s generally change that destroys us financially, anyway lets get to it; By the way the first 5 are applicable to everyone and the entire list is relevant for the business owners.
So how do increase my chances or going bankrupt I hear you ask try this list on for size.
Get Divorced. This shouldn’t come as too much of a surprise to anyone, household finances are generally worked out on 2 incomes, when that changes assets need to be sold and loans that were obtained based on two incomes suddenly become just one parties responsibility and before you know it someone winds up bankrupt. Start a Business. You have heard that most small businesses fail in the first 6 months regrettably this holds true, generally that failure is accompanied by debt far beyond what an individual can re-pay in a reasonable period. Get Sick. Typically when you apply for a loan for that new vehicle you are basing your ability to repay the loan on everything working out and that includes your health. One day you wake up with a devastating illness your capacity to work and repay the loan is destroyed over night. Lose your Job. Unemployed or underemployment is a major reason for bankruptcy. It doesn’t take long for the bills to start piling when there is no income coming in. Legal Action. If someone decides to take you to court for any reason and you end up with a bill from both your lawyers and from losing the case it doesn’t take long before you can be out of pocket a substantial amount of money. Trusting your Accountant. This one applies to business owners really, everyday I hear someone curse their accountant for not doing their BAS. Its either the taxes haven’t been done for years or they have been done but now we have a huge tax bill. Either way you as the business owner end up with a ATO bill bigger than Ben Hur and no way to repay it in the time the ATO require. Signing a Commercial Lease. Another one for the business owner. Generally a small business needs an area to work from whether in retail or whatever, so sadly in this country when you sign your name on a lease you (not your company or trust) are personally liable for the rent for the entire period of the lease. Typically these are 3 to 5 year deals and you are trapped. Partnership Breakdown. Going into business with a friend instead of your horrible boss doing something your excited about sounds perfect doesn’t it? Business is tough enough without having an partnership dynamic to contend with, it doesn’t take long before the rot can set in. Because you are good friends with someone it doesn’t automatically imply that you would be good business partners. Adverse Market Conditions. I had a client who ran a successful fireplace business he had a retail store and 8 truck on the road installing them, until one day the local council decided that open fireplaces are no longer legal as they are a bush fire hazard. Any tick of the clock things can change in the market and your business can evaporate over night. Using your Credit Cards to help your business. Once you find yourself consistently putting business bills on your credit cards or re-mortgaging the house to keep the business ticking it could be the beginning of the end. You never seem to catch it back up.
I realize that this is a fairly negative list of possibilities, hopefully you can take something away from it that will save you pain and potential bankruptcy. In my experience no one ever signs a loan or starts a business with the intention to go bankrupt and losing it all, however it does happen to about 25,000 people a year in Australia. If you are trapped in debt and feel like you have no options get some advice from an Insolvency Adelaide, you will be surprised on what options you do have. Bankruptcy is not the end of the road its the beginning of a new debt free road.