Help

[Canuck]

After speaking to a well respected company about an IVA they have advised us to go Bankrupt, although I need some questions answered.

I have a mortgege but the value of my property is about £10k below my Mortgage amount, What will happen to my house will I be able to keep it?

Do I need to tell my employer that I am Bankrupt if so and I lose my job will it affect the ability to get another job?

Does anyone know if Bankruptcy will affect the ability to immagrate to Canada in the future ?

[MelanieGiles]

If you have negative equity in your property, it effectively means that you do not own any of it - but that you do have a beneficial interest of minimal value. This could be purchased from the Trustee for the nominal sum of £1, plus the costs of sale, and therefore the property would be removed from the bankruptcy.

You do not need to tell your employer that you are bankrupt, unless the terms and conditions of your employment specify otherwise, and it would be best to check with the Canadian immigration authorities with regard to the effect bankruptcy may have on your ability to relocate.

[Canuck]

My Contract states
The company shall have the right to terminate this contract forwith without liability for compensation or damages upon the happening of any of the following

A. if you become bankrupt or make any arrangements of composition with your creditors

Not sure if that means defenate termination or they will take it on a case by case basis

please help if you have seen this

[MelanieGiles]

Well that clause would cover both bankrutpcy and IVAs, and I have seen the clause before but rarely seen it enforced. What do you do for a living?

[Canuck]

Advertising sales

[major eyeswater]

canuck
with respect to your emigration question, bankruptcy does not affect your ability to move to Canada (unless you move on a business class visa or skilled worker visa with no arranged employment, in which case you have to supply a financial statement to prove that you can support yourself).

(it's freezing here in Toronto right now btw!)

[MelanieGiles]

And very late Major!!!

How are you all getting on? We often think of you in the office and wonder if you have settled in well. Many thanks for answering that part of the query - I was actually thinking of you when I posted my response!

[major eyeswater]

Hi Melanie
we're doing great thanks, kids settling in at school, and work going ok, thanks for the best wishes!

it's only 5:45pm, we're behind you don't forget! [:D]
Look forward to speaking again in due course!

[MelanieGiles]

Oops - I have got my hemispheres mixed up! That is because I am dealing with a lot of Australian's at the moment.

Glad to hear that all is well - what a complete life changing experience you have all been through over the last couple of months! When you have time please write a blog!

[major eyeswater]

lol, you can say that again!
I'll definately try to put a blog together sometime, and put some nice pics up too.[:)]

[Canuck]

Cheers for that Major

Would that be same for sponsoring a spouse as well.

Melanie on my employment, do you think I should go to HR and ask the question.

[Canuck]

Cheers for that Major

Would that be same for sponsoring a spouse as well.

Melanie on my employment, do you think I should go to HR and ask the question.

[major eyeswater]

yes, I believe so. If it's ok for me to recommend another forum, try out britishexpats.com
you'll find a great wiki, which has everything you need to know about moving to Canada, and industry experts will visit the forum and answer questions too, much like Melanie does on here.
That forum, along with this one, have been invaluable in shaping our lives over the last few months.
Hope that helps!

[MelanieGiles]

I do not think that a general and confidential chat with your HR department would do any harm, and frankly I cannot see why either a bankruptcy or an IVA would affect your ability to work effectively at work.

Do remember that the contract of employment does not state that you have to inform your employer - simply the consequences of what might happen if they find out. So balance up the advantages of them being able to advise you, against the downside of job loss if it goes against you.

[Canuck]

Cheers Guys

This forum has been a godsend over the last week and has helped me decide on which way we should go for.

Thank you again