Moving To Canada While Bankrupt
 

Hi all,

I married a Canadian 2 years ago. We went through all the process of Fiancée visas, followed by a spouse visa etc so she could legally work and live in the UK with me.

We bought a house last year (6 weeks before the start of the "troubles) in my name alone and I also have personal loans and credit cards in my name alone.

My job has been a little unstable for some time (earning circa £30k a year) and I've had major troubles finding anything in the area that pays anywhere near this sum. My wife has also been made redundant from her min wage job this week.

After speaking to my Canadian in-laws, they have offered to support us to move out to Canada, Ontario. If things go very dire here. I was told last night that my job was at risk, and I may not even get this months wage.

Things are pretty much at crisis point. If I lose my job I cannot find a way to pay my mortgage (with a house now WELL into negative equity), my loans and credit cards. The only way out I can see is bankruptcy.

Like I said. None of the debts are joint or in my wifes name. But I'm worried. Will a bankrupt status affect a move out to Canada? I've seen little bits of information, but nothing very solid to educate me. My in-laws have offered to pay for all the flights, and they have a good amount of wealth behind them to support us while we find out feet.

I've got so much flying around my head right now. Does anyone have any advice at all? I'm really sorry for the long and disjointed manner of my post.

Re: Moving To Canada While Bankrupt
 

Will your mortgage protection not kick in to prevent you having to sell the house? Better start speaking to CAB in the first instance, and then make moving decisions? I imagine they have lots of ideas to get people through financial crisis at the mo... or at least to consolidate and minimise payments etc for as long as possible...
No idea about bankruptcy if you already have a spouse visa... sorry.

Re: Moving To Canada While Bankrupt
 

suck it up pal, don't take the cowards way out and leave others to shoulder your tab

Re: Moving To Canada While Bankrupt
 

Look after Nr 1. Let the banks reposses and shoulder the bill from those goverment subsidies.

Re: Moving To Canada While Bankrupt
 

in the end the mug on the street is still left to pay the tab ; tax hikes etc

Re: Moving To Canada While Bankrupt
 

if i remember when we opened our accounts the lady asked if we had been bankrupt in the uk, we proved personal references etc from the uk and got instant credit, it has been said on here that they do not apply to the uk for your credit history and you start here with nothing :blink:

what ever the OP does he does on his back and we are not here to judge, if you leave the uk then i dont think you have to tell them that you are bankrupt, but not telling the truth could lead you in trouble down the line.
better to speak to consultant or get her parents to look into it in ontario

good luck with what ever you decide :thumbsup:

Re: Moving To Canada While Bankrupt
 

My Good credit rating in the UK counted for jack here just as my friends bankruptcy in the UK counted for jack here! Good or bad credit does not and cannot follow you overseas as it stands! You all start from scratch from my experience!

Bankruptcy is something only you can decide!

Re: Moving To Canada While Bankrupt
 

Thanks for all the advice thus far. Sadly, getting hold of CAB is not as easy as it seems. With limited opening hours and having to use their "gateway" service it's very difficult to get in touch with anyone.

See, this is something I've come to terms with. I worked hard since I was 16, and had to "outstrip" the housing market climbs to save enough for a house deposit. I've always been pretty intelligent with credit and sadly owe a lot due to previous relationships. It's a pretty dire chain of events that have brought me to this point and I'm lucky to now have a family that cares enough about me to support me this way. I've lost £30k on this house in under 12 months - which is the amount I saved over a period of years. I don't consider myself a coward. But if the choice is between a coward and a mug, I know where my bet lies.

Please don't try to use the global karma card on me either. When it all comes around I'll be far below some of the scumbags that have dragged the UK into the current state it's in.

Re: Moving To Canada While Bankrupt
 

Hi

Sorry to hear of the troubles and the impact the housing market has had on you.

I'm sure I have seen some posts on here from some of the "experts" who have said that aside from showing proof of funds that a bankruptcy order would not impact the actual visa process. PLEASE don't take my word for this, if you do a search using the tab at the top for bankruptcy you should get some hits with some more info.

I'm not sure whether in your situation re spouse visa whether you even need to show proof of funds, so this may not be relevant.

It sounds like you have some wonderful family members in Canada, and I really hope you are able to work you way through this situation.

I would certainly ensure you get proper legal/financial advice re the potential impact of bankruptcy on you for the future so you can make the most informed decision.

Best of luck:)

heres a thread I have found

http://britishexpats.com/forum/showt...light=bankrupt

Re: Moving To Canada While Bankrupt
 

As for Karma - does it really matter what any1 thinks of you? Let lone someone called beaver quest from a website you use to releive boredom now and then.

Honestly do whats right for you and who gives a sh@t what anyone else thinks, other people wont hesitate to piss on you if its in their own selfish best interests and the same people will judge you when they feel the need and the god given right so worry about number 1 and whats best for you, only you know what is best for you and your situation. Bankrupty is there for a reason as is working with creditors to renegotiate debt and the way its paid, its your call.

As for the banks that lent this money I have nil sympathy for them - NR for eg 125% of the value in your home is easy to borrow on an over inflated market!! Gee whizz thats smart! But like was stated earlier its the mug taxpayer who always has to pick up the tab while the fat cat CEO's enjoy their yacht!

Re: Moving To Canada While Bankrupt
 

i am sad to see the dunkirk type spirit disappearing over the horizon to be replaced by the me generation, hey let's blame everyone else

Re: Moving To Canada While Bankrupt
 

I think you can blame it on Thatcher

Re: Moving To Canada While Bankrupt
 

Well if you apply for a spousal visa you do not need 'funds' to move so my suggestion would be to apply right now it took me around 6 months when i did it and apply for bankruptcy as late in the day as you can...

The spousal visa does ask you about your finances so as long as you can say that right now you earn this much and that you will get a new job when you arrive and a place to stay that is all they ask for. this way when you filled out the forms you were not lying to them and it just happened to happen during or slightly after the visa application process.

As for beaverquest i would just ignore what he is saying...do what is best for you, Refinancing could help you and if you plan on getting a visa could give you the 6 months that you would need.

Re: Moving To Canada While Bankrupt
 

Because banks and the finance industry epitomise the human spirit eh? I have such sympathy for risky lenders who lend more than people could ever afford and then have trouble getting it paid back.

And exactly how does a private mortgage repossesion affect your taxes? Higher interest rates on credit maybe.

Re: Moving To Canada While Bankrupt
 

hey the guy asked for advice, that's my view on it

is re-financing really the same as filing for bankruptcy ?