input / advice re: bankruptcy

[erintoronto 0]

so i'm in a bit of a situation. i'm drowning in debt. i was advised to declare bankruptcy about a year ago. instead i did my best until january and then i got a loan. this loan is causing massive strain at the moment. this morning i also found out that david will be out of a job by the end of july and is now considering going back to school so he can get ahead again. i support him fully but this means that my move to the US, and the K1 we filed, might be out the window due to our financial limitations.

i guess i have 2 questions:

1. how difficult is the bankruptcy process in canada?

2. will bankruptcy cause problems in my K1 process?

thanks in advance.

[trailmix 77]

so i'm in a bit of a situation. i'm drowning in debt. i was advised to declare bankruptcy about a year ago. instead i did my best until january and then i got a loan. this loan is causing massive strain at the moment. this morning i also found out that david will be out of a job by the end of july and is now considering going back to school so he can get ahead again. i support him fully but this means that my move to the US, and the K1 we filed, might be out the window due to our financial limitations.

i guess i have 2 questions:

1. how difficult is the bankruptcy process in canada?

2. will bankruptcy cause problems in my K1 process?

thanks in advance.

Hi,

I don't know much about bankruptcy - however you will probably want to find a good bankruptcy lawyer to advise you and take it from there.

Since you are the person being sponsored, U.S. immigration isn't actually interested in your finances. Assuming David will be your sponsor, if he is unemployed, you will need a joint sponsor.

[~Laura and Nick~ 5]

I answered in the other thread you posted

[Cdn_Ali 11]

The bankruptcy process in any country is horrible to go through, so I don't envy you. I don't think this will effect your K-1 except that your fiance is going to need a co-sponsor if he is unemployed too. Once you get to the US, no-one down there will look at your Canadian finances - we all start with zero credit (for the most part).

[raymaga 25]

A previous boyfriend of mine in Canada went through the bankruptcy process in Canada about 6 years ago. It was a very simple process actually, but he was required to go through some "bankruptcy counselling" before it was all finalized. The counselling is to try to ensure that bankruptcy doesn't occur again in the future. He did not use a lawyer, but I can't remember how he got the process started.

They say that after bankruptcy, it will take 7 years before you can get any credit again. That was not the case for my friend. He was able to buy a truck and get credit again after only about 5 years.

I would do some online research and then make a decision about whether bankruptcy would be the answer for you.

[erintoronto 0]

thanks all for your input and advice.

i assumed the co-sponsor part. not sure if that will be an issue as it's something we have yet to discuss. i am hopeful that we will figure it out.

i am happy to hear that bankruptcy can happen, even if unpleasant. i am not sure if i will be able to declare bankruptcy but have an appointment on monday with a bankruptcy trustee to discuss my situation. one day at a time.

[Carlawarla 1]

thanks all for your input and advice.

i assumed the co-sponsor part. not sure if that will be an issue as it's something we have yet to discuss. i am hopeful that we will figure it out.

i am happy to hear that bankruptcy can happen, even if unpleasant. i am not sure if i will be able to declare bankruptcy but have an appointment on monday with a bankruptcy trustee to discuss my situation. one day at a time.

I'm glad you're going in to talk to someone. Maybe that person can advise on a financial plan that won't involve bankruptcy as well. I know I've seen advertising of companies, mainly accountants I think, that offer some support in handling your debt, by writing letters to creditors etc. in hopes you don't have to declare bankruptcy. Best of luck to you!

[erintoronto 0]

I'm glad you're going in to talk to someone. Maybe that person can advise on a financial plan that won't involve bankruptcy as well. I know I've seen advertising of companies, mainly accountants I think, that offer some support in handling your debt, by writing letters to creditors etc. in hopes you don't have to declare bankruptcy. Best of luck to you!

thank you!