Bankruptcy & settling abroad...is it posible ?

4everonline

Hello All..

I was wondering if a person can go bankrupt & what if he decides to settle abroad ? I have heard that during Bankruptcy the court keeps your passport with them. is that right ? The reason i ask is i am a british citizen & have debts. I am planning to go bankrupt but then again i am getting a very very good job offer abroad. is this possible ? thank you all.

Richard_S

4everonline wrote: »

Hello All..

I was wondering if a person can go bankrupt & what if he decides to settle abroad ? I have head that during Bankruptcy he court keeps your passport with them. The reason i ask is i am a british citizen & have debts. I am planning to go bankrupt but then again i am getting a very very good job offer abroad. is this possible ? thank you all.

Hi 4everonline,

Bankruptcy can have problems on getting VISA's for some non EU countries but the Court and/or the O.R most certainly does not keep your passport. All you need to do is check the requirements of the country you're planning on moving to because there won't be any problems here. Your only obligation is to inform the O.R of any change of address.

Regards

Richard

4everonline

a) getting visas for non EU countries..but i have a passport & how will, lets say the rest of the world other than EU kno about my bankruptcy..?
b) if the OR needs to kno the change of address...well i will give him/her my new address abroad....

the bottom line is,, i do not want to run away from my liabilities...just need a solution..i am in debt..need to go bankrupt..need to settle abroad..wat do i do ?..thx again...

Richard_S

4everonline wrote: »

a) getting visas for non EU countries..but i have a passport & how will, lets say the rest of the world other than EU kno about my bankruptcy..?
b) if the OR needs to kno the change of address...well i will give him/her my new address abroad....

the bottom line is,, i do not want to run away from my liabilities...just need a solution..i am in debt..need to go bankrupt..need to settle abroad..wat do i do ?..thx again...

Hi 4ever,

They won't know. My understanding is that it's one of the questions on the Visa Forms. There is a poster on here who's husband is in the process of declaring bankruptcy and he works in the U.S with no problems.

Others have said that it can causes problems with a Visa for Australia but there dosen't seem to be any reference material on the web. I would ring the relevant department of the country you're going to live in and ask them the question; you can do it anonymously.

As for change of address, just give your new address abroad.

Regards

Richard

Irishbollox

if i move to an eu country while bankrupt, can i set up a business there?

NekoZombie

I notice you mention that you will be getting a *very very* good job post bankruptcy. If this means a massive increase in pay, you should be aware that the OR will probably want half of your surplus income. You may be better to wit until you have been discharged (hopefully with no IPA) before planning any significant changes.

4everonline

Hi neko...

I have no clue..I have even consulted the CAB but they told me your situation is totally different. So who should i goto ? If i go bankrupt, chances are the court will impound my passport + the OR might even ask me about the monthly expenses (fixed amount) i have been sending to my parents abroad. OR might not even allow me to send that ? will my total salary go the OR ? pls advice as i dont seem to be getting any advice not even from the CAB ?

rog2

The Court will NOT impound your passport. This is, normally, only done by a criminal court, where it could be argued that you may use it to flee the country before you are brought to court, or in very serious criminal cases, such as drug dealing and serious fraud.
Bankruptcy is NOT a criminal offence, although it may be brought about by criminal activity which would be dealt with through the criminal courts.
Of course you can settle abroad when bankrupt, dependent on the individual country's legislation.
You MAY have problems in getting credit although even this will depend on the requirements of the particular lending institution - if they are part of a major international bank, they may carry out credit searches in the UK.
There have been instances, on this forum, of people settling abroad, after bankruptcy, with no problems at all, even being offered credit facilities.
The only area of concern would be if you had been issued with an IPA/IPO and stopped payments when you moved abroad, as this could be chased through the criminal courts.

Remmer

Why on earth would you want to leave such a glorious country as ours? Every corner we turn we hear a different language. We constantly follow beat up Astras bearing a PL registration plate, 15 year old girls brawling in the middle of the road, Off licences selling super strength lager to kids. I'm staying here mate!

4everonline

rog2 wrote: »

The only area of concern would be if you had been issued with an IPA/IPO and stopped payments when you moved abroad, as this could be chased through the criminal courts.

thx mate, ur reply does get my stress levels down. can you pls let me kno : what is IPA/IPO ? what happens if that is issued ? & moreover i will have to inform the OR that i am moving abroad so wont the OR in that case request the court to stop me ?

I know i havent done wrong but owe approx. £10K to my creditors which i have been finding difficult to pay back since 4 years now, though i HAVE BEEN with CCCS for the past 1 year. thx all.

tigerfeet2006

This might help explain some things to you

http://bankruptcysupportersclub.co.uk/OR.aspx