Something that lots of folks don’t understand when they look into Filing for Bankruptcy is that it can actually stop you from taking a trip overseas. This is one thing that many people forget, and it can in fact get you in a lot of trouble.
If you are going up against Bankruptcy then traveling is probably one of your lesser concerns– but it is still important to find out about. However if you are at the moment more concerned about assets, your house, your home, and what they can leave you with, then I would wholeheartedly suggest you take advantage of our free appointment at Bankruptcy Experts Dubbo on 1300 795 575.
But I want to explain to you here a 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 exploring 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 comes to Filing for Bankruptcy you should know that once you declare bankruptcy you are to be considered as a bankrupt until it relates to an end because of discharge or annulment. This will typically be 3 years and 1 day after you file.
However! This could 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 Dubbo. But for now, let’s explain overseas travel.
First and foremost, it is an offence to travel while bankrupt, or even to make preparations to travel without the written permission of your bankruptcy trustee. As discussed 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. Mostly these regulation exist to stop someone who is facing bankruptcy from fleeing the country. But for many people out there who, for instance have a business in Dubbo 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 Dubbo 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 really faced some substantial issues for leaving the country without permission.
In all honesty, if she had adhered to the procedures there would have been no real issue due to the circumstances, but rules are rules.
The process surrounding Filing for Bankruptcy and overseas travel is optional on the part of the trustee, but if you don’t ask permission you will end up in trouble– and that is just one of the frequently overlooked restrictions when it concerns Filing for Bankruptcy. You need to ensure that you comprehend as much as you can about Filing for Bankruptcy as early as possible because only then can you try to make the best decision for your situation. I advise that you capitalize on our free consultation at Bankruptcy Experts Dubbo on 1300 795 575. And if you have any other questions of concerns about overseas travel or Filing for Bankruptcy, then also check out our website www.bankruptcyexpertsDubbo.com.au.