Filing for Bankruptcy in Australia – How travel can get you in trouble.
One thing that some people don’t understand when they explore Filing for Bankruptcy is that it can actually prevent you from taking a trip overseas. This is a little something that many people forget, and it can actually get you in a lot of trouble.
If you are encountering Bankruptcy then travel is probably one of your lesser concerns– but it is nevertheless important to know about. However if you are at the moment more nervous about assets, your house, your home, and what they will leave you with, then I would wholeheartedly encourage you make the most of our free consultation at Bankruptcy Experts 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 at Filing for Bankruptcy, because it is essentially often the smartest decision to make, but I want you to be mindful 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 considered a bankrupt until it relates to an end as a result of discharge or annulment. This will ordinarily be 3 years and 1 day after you file.
However! This may be longer if you break the rules. There are a multitude of them, so please do consult an experienced service, like that at Bankruptcy Experts Australia. For now, let’s explore overseas travel.
Firstly, it is an offence to travel while bankrupt, or even to make preparations to travel without the written consent of your bankruptcy trustee. As discussed the rules on this part of Filing for Bankruptcy are clear, and you can face an extension of your bankruptcy period– or even face imprisonment upon conviction. Essentially these regulation exist to prevent someone who is facing bankruptcy from fleeing the country. But for many people out there who, as an example have a business in Australia 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 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 contravention of the bankruptcy conditions, and she in fact faced some serious issues for leaving the country without permission.
In all honesty, if she had observed the procedures there would have been no serious issue due to the circumstances, but rules are rules.
The process encompassing Filing for 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 that is just one of the frequently neglected restrictions when it relates to Filing for Bankruptcy. You need to make sure that you understand as much as you can about Filing for Bankruptcy as early as possible simply because only then can you attempt to make the very best decision for your situation. I advise that you make the most of our free consultation at Bankruptcy Experts Australia on 1300 795 575. And if you have any questions of concerns about overseas travel or Filing for Bankruptcy, then also see our website www.bankruptcyexperts.com.au.