Should I Declare Bankruptcy?
Declaring bankruptcy will provide relief from the mountain of debt. However, there are long-lasting consequences that should be considered before deciding if bankruptcy is the right option for you or your business. Declaring bankruptcy should be the last resort. What are the Implications of Declaring Bankruptcy? Being bankrupt has consequences on many aspects of your life, not just financial. Travel Restrictions are placed on people who have declared bankruptcy. You are not permitted to travel overseas without the written permission of your trustee. To gain approval, your trustee will want to know the purpose and other details of your trip before making a decision. Owning a Business You may be banned from owning a business or being a director if you are a declared bankrupt. Public Register Your name, address, occupation and current status of your bankruptcy will be included on the National Personal Insolvency Index (NPII). Anyone can search the register for details...