What happen if I declared bankruptcy

[King2015]

My wife case is still under progress since August 2011. I lost my job I borrowed too much money from bank which I can't repay. What will happened if I declared bankruptcy??? Will it effect on my application or not ????

 

[scylla]

You don't qualify as a sponsor if you have declared bankruptcy. So if you declare bankruptcy before the processing of the application is complete and CIC finds out, they application will be refused.

 

[sunshinemrc]

King2015, there is another option you can look at, and it is a consumer proposal. Research it in your province, most trustees in bankruptcy can assist you in getting a free consult about it.

 

[wowsers]

I am not a Canadian lawyer but Canadian bankruptcy law and practice is unlikely to be all that different from the UK, with which I am more familiar. What you should bear in mind is that bankruptcy is an expensive solution to problems of debt:the charges of insolvency practitioners (which are paid out of the assets of the bankrupt) are enormous, and the debtors assets also tend to be sold for peanuts. The bank would probably only be interested in making you bankrupt if you have assets making it worth its while to petition for bankruptcy; it would be far more interested in reaching a compromise arrangement with you and you also would be better off in entering into such an agreement. Those are the reasons why it is hardly ever a good idea to petition for one's own bankruptcy; and in your case there is also the detrimental effect it would have on your immigration application.

 

[SenoritaBella]

If you declare bankruptcy now, your wife's application may be rejected. Instead, call the bank, explain your situation and negotiate a lower payment of your debt or lower interest on the debt. It is better to do this before you miss payments, and generally the bank is more willing to work with clients who are proactive. Do not ignore this issue. Hope things turn out better for you.

My wife case is still under progress since August 2011. I lost my job I borrowed too much money from bank which I can't repay. What will happened if I declared bankruptcy??? Will it effect on my application or not ????