rogp

Following on from my financial problems thread I have been advised by a close friend (and solicitor of 30 years experience)after a meeting today that the best way to escape my level of debt it to go bankrupt.

I think I can deal with the stigma but what will it do to my chances of getting a visa for New Zealand in say 4-5 years time?

Anyone got any experience of knowledge of this?

Roger

[Edited by rogp - 11/07/2003 11:11:00]

Mice_Elf

4 - 5 years will be too short a time.

Bankruptcy affects your life and credit rating for at least 6 years, I think.

rogp

I was told 3, with the possibility of the law changing to 1.

RB5320

you could try ringing New Zealand House in London. You should be able to talk to them confidentially and explain your situation.
Immigration to NZ is done on a points system, part of which relates to your financial position. Even if the UK law on bankruptcy only holds it against you for 3 years (which seems unlikely but I really dont know), you may be asked to provide longer records by the NZ immigration people.
I really dont know the answer to this but if your long term plan is to emmigrate to NZ then I suggest you establish now how your actions may affect you.
Of course, the other thing is to consider what your financial position will be like if you dont take bankruptcy - you will presumably still have large debts, which will also go against you.
Sorry if this isnt much help but trying enquiring at NZ house and see what they say.
Good luck.

Steve

rogp

Thanks Steve, I will have to consider the implications of both approaches.

I will try the embassy and see what they say.

Roger

Little Miss WRX

From this website:

Do I Need Sufficient Resources To Support Myself in New Zealand?
You are expected to have sufficient personal resources to maintain yourself and your dependants for the first 24 months as a resident in New Zealand.

Please refer to NZ The Facts for information on the approximate costs of living in New Zealand.

When applying for residence in New Zealand, it is a requirement to declare in your residence application form (Section E) that you have these personal resources for the first 24 months of your stay in New Zealand.

The content of this declaration will be made available to Work and Income New Zealand (WINZ) should you apply for an emergency benefit.


It doesn't state anything about debts or such as on the Australia government immigration site it states only that you have no debts to the Commonwealth of Australia and if you have, that you have made adequate arrangements to repay.

Best advice is above, speak to the Embassy.

Good luck.

[Edited by Little Miss WRX - 11/07/2003 12:20:33]

fast bloke

It will stay for 6 years AFTER you have become discharged. If you come to an arrangement with your creditors and pay them a small % you will still be classified as an undischarged bankrupt for 3 years. During this period it is illegal for you to run a company, have a mortgage or have any sort of credit. After the three years you will pay through the nose for a mortgage or credit. I am fairly certain that bankruptcy is never removed from your credit history, but if you have managed to get through 9 years keeping your nose clean lenders will take a more favourable view.

NZ doesn't seem to mind about your history if you have 2 years income set aside (or a decent job to step into) That said, while you are undischarged you will be unable to have savings, as your creditors will still have a claim on these.

What sort of financial problems have you got and who have you talked to? (Solicitors do not take FP exams and most financial advisors can't do your conveyancing )

Dazza012

If u go down that route, wave bye bye to ur scoob, as this is an asset which they can sell to help pay ur crediters.

Thats assuming u still have her, as i haven't read ur other thread

ProperCharlie

I don't know that much about the exact legal ins and outs but i do know someone who was wrongly advised that he should declare bankrupcy. He was in his early 20s and the amount of money involved was relatively small. He has been paying a high price for that decision over the 15 years since that time.

Little Miss WRX

FB, is there also a cap to the amount you can earn in those three years too?

Scooby96

Try looking at:

http://www.gov.sg/minlaw/ipto/bankout.html

Definitely go the route of voluntary insolvency rather than forced and make your creditors an offer of settling say 5,10,15 or 20% etc. Transfer the scooby to your g/f or a relative as I would hate to see you lose that - oh yeah and put any future savings somewhere where they cant be seen!

No idea how long it takes to clear off your credit file, possibly never but if you're off to NZ then it won't matter a bit. Good luck!

Little Miss WRX

You can actually obtain credit as long as it is not over 250 UKP, if it is then you have to go through your trustee.

See this site for more info - http://www.insolvencyhelpline.co.uk/...bankruptcy.htm

Leslie

I feel sorry for the creditors as well.

Les

[Edited by Leslie - 7/13/2003 12:06:11 PM]

rogp

I'm still looking at the options on this one.

I am not self employed and do not intend to start up a company (in the country at least).

The issue, I was most concerned about, that was mentioned was the inability to have savings. Surely, once I have been released from my debts and I have been allocated a trustee, I maintain autonomy over my income and its use?

Can anyone shed any light on that aspect?

Thanks for all your replies so far.

Roger