offski

Hi folks.

Just wanted to know if anyone knows anything about bankruptcy.
I prob should be asking australian immigration but wanted to know if any of you guys have had similar circumstances.

My wife and I are going through the sponsor option but financial situations are forcing my wife into possible bankruptcy which I dont think affects my financial situation and I am the main applicant in the visa.

Does anyone know how that might affect our application or know any goods sites I can get some advice.

Goggs

Pollyana

When you say the "sponsor option"which actual visa do you mean? Are you talking about family sponsored, State sponsored or employed sponsored? State sponsored for instance often wants proof of funds that you are bringing with you....

offski

I believe it is a employed 457 sponsor my agent is talking about.

If my wife is forced into bankruptcy then I dont think it affects my finances of which I have proceeds of a house that I sold in my name which will support us.

We will still have funds but everything belongs to me basically.

Just wasnt sure if bankruptcy would affect the application

Thanks

quoll

I dont know about UK bankruptcy but it would certainly affect your wife's ability to leave the country if the rules there are the same as Aus. A bankrupt may not leave without permission of the trustees here - so that may also be worth checking out.

Zambia

You believe ?

Mate if someone has hired you and is sponsoring you to come over to Australia I would expect you would recall.

offski

sorry zambia for saying "believe" I am 100% absolutely certain without a seed of doubt that it is a 457 sponsor,

Glad I could sort that out for you, Now if you could give me some advice on what I actually was asking I would be very grateful.

Zambia

Awesome its all clear as mud now.

However I would not be qualified to answer any questions on Bankruptcy with any certainty.

Best of luck with it though. Someone will come along that can.

Bikergirl

As i understand it if you and your wife have joint assets then her bankruptcy can affect you in the UK unless it is a business that is going bankrupt in your wifes name.

As for affecting the 457 visa then i have no experience, except that we are expecting to pay off all our debts before we leave the country when we get our 457 - currently releasing funds to do just that (have around £12K unsecured loan that needs to be paid off).

Pollyana

I don't think bankruptcy in itself will affect a 457. You don't have to show proof of funds for a 457, for instance. However, as you probably realise, the 457 is only a temporary visa, so you need to be aware of things like the fact if the main applicant loses their job, then you have to leave the country, and if you are planning to go for perm residency, check out the rules on the route you are using there to make sure you don't need funds behind you.
Might be worth a quick chat witha registered agent to make sure.

offski

Hi Bikergirl.

At the minute my wife doesnt have any assets and no debt and is just living on student grant thingy.

I have no debts either but have some good savings in the bank from when I sold my house.
I could easily pay the £10k but it isnt my debt and I would totaly grudge paying it.
I dont think they will can take my money and I can support both of us when we finally get to oz.

I have been contacting the Australian iimmigrationagencies just to find out how her bankruptcy affects us but you know how long they take to get back.

Thanks

offski

and thanks pollyana.

All good stuff.
Thanks

al dente

How does she think she will pay it back? 10k is a small sum to declare yourself bankrupt. I know at uni we were counselled against declaring ourselves bankrupt as it is not the gift horse it seems. The long term financial indications can be quite severe. (Of course, can't remember them but i can remember having the fear of god put into us).

'for richer, for poorer'

Bikergirl

with you there al dente

CEM

If you can pay it easily, why don't you, and, if it's important to you, she could pay you back. That way you don't have to worry how her bankruptcy would affect you.

sonlymewalter

She is your wife and you her husband. Her debt is your debt and vice versa. You refuse to help her pay it off, not because you can't afford it but you'd resent it.....

Karma has a funny way of coming round mate.