Bankruptcy Question

[sly_wolf 199]

Does anyone know if a personal bankruptcy problem in Canada would have a negative impact during a K3 process?

Thanks.

[Jersey Girl 2]

Why would it? It's the USC who has to show evidence of income/assets. The last time I looked, bankruptcy was not a deal breaker. However, if you still have debts in Canada, it might be a good idea to have a plan to discharge them before moving to the States.

[girl 37 7]

However, if you still have debts in Canada, it might be a good idea to have a plan to discharge them before moving to the States.

Just curious, Why? I still have student loans, and don't know why I would've needed to pay them off before moving...

[Mephys 2]

I've been thinking about bankrupcy myself. I dont have much, but I got a loaded Visa card because of my ex boyfriend and couldnt pay much of my student loan because of that and my leased car.

So many worries to me to have to finish paying those while IM in the US. So does a bankrupcy cancel all these (credit card, student loan, car lease) or not ? Im not sure about the loan since its from the goverment. Anyone has done a bankrupcy before going to the US?

Thank you

[Jersey Girl 2]

Everyone has a different comfort level with debt. Some don't like having any and want to pay it off asap. Others see no problem carrying a large load and no stigma being a bankrupt.

But bankruptcy isn't really a financial strategy and should be a last resort. It's not a good thing to have on your record. It might stand in your way of getting credit in the States and it might exclude you from certain jobs. A better plan is to get a good job and systematically get rid of the loans.

Edited January 13, 2007 by Jersey Girl

[Caladan 19]

Bankruptcy isn't an easy option. If your student loan had a guarantor, the first person liable for your student line of credit will be your guarantor for that. Plus, it does fuxx0r your credit rating for a while, though tbh, I'm not sure that would follow you to the U.S. as the rest of the credit record doesn't seem to.

But it shouldn't affect the K3, just the marriage.

C. had significant debts when we met. One of the reasons we're delaying marriage till this summer is to get everything but his student loan paid off, and to have assets to cover that loan. C. had been considering bankruptcy, but instead he found a good job and basically, we filed for the K-1 five months after that.

[J&K 0]

A better plan is to get a good job and systematically get rid of the loans.

That's my plan! I'm keeping my one bank account open here until I can pay off my credit cards, which I can do online thankfully. When I finally can get a job, I'll periodically send up a money order, or moneygram to my parents who can deposit the money in my bank account for me and I can do the rest down here.

I just hope it won't take me too long to pay them off

[Jersey Girl 2]

The good news is that you may have a better chance of finding a high paying job in the U.S., given the size of the economy and population base. There's also less unemployment.

[KarenCee 3]

The good news is that you may have a better chance of finding a high paying job in the U.S., given the size of the economy and population base. There's also less unemployment.

That depends on the area you live in too. We live in an area close to Atlanta, but Joel has NOT found a job yet. He has a degree in IT, loads of experience, but so far that's done him no good at all.

[Mephys 2]

I was just considering it , not really wanting to do so. Anyways doing searches last night I found out that a student loan isnt cleared by a bankrupcy unless you finished school more than 10 years ago. The government can still come after you to have it paid off. My 2 problems were the student loan and the credit card, but just to clear the card its not an option. So its gonna go the way I planned in the first place. Ill pay it off from the states through my online services

Mephys

[sly_wolf 199]

My big concern is the cost of Health Care insurance in the US. The other concern is that I also do own property in the US as well. I may not be able to deal with the debt load that I currently have in Canada.

It is quite annoying since my debt problem in Canada was entirely related to my ex-wife.

Sly

[girl 37 7]

The good news is that you may have a better chance of finding a high paying job in the U.S., given the size of the economy and population base. There's also less unemployment.

That depends on the area you live in too. We live in an area close to Atlanta, but Joel has NOT found a job yet. He has a degree in IT, loads of experience, but so far that's done him no good at all.

I totally agree! There may be good opportunities for a particular profession somewhere in the US, but some of us are living where we are because of family responsibilities, and there aren't any good jobs nearby. The job situation is really grim in the environmental sciences in the South. It's like the area's 20 years behind the west. I could get a job teaching at one of the universities or working for the government but why bother at this point when I can work part time in BC and Alberta and make over twice as much money.

Edited January 15, 2007 by girl 37

[zyggy 9]

A better plan is to get a good job and systematically get rid of the loans.

That's my plan! I'm keeping my one bank account open here until I can pay off my credit cards, which I can do online thankfully. When I finally can get a job, I'll periodically send up a money order, or moneygram to my parents who can deposit the money in my bank account for me and I can do the rest down here.

I just hope it won't take me too long to pay them off

You don't need to send anything to your parents.. just set up a trading account at customhouse to transfer funds from your US bank account to your canadian bank account

www.customhouse.com

The good news is that you may have a better chance of finding a high paying job in the U.S., given the size of the economy and population base. There's also less unemployment.

That depends on the area you live in too. We live in an area close to Atlanta, but Joel has NOT found a job yet. He has a degree in IT, loads of experience, but so far that's done him no good at all.

And IT is bad everywhere since a good majority of those jobs are going overseas... might be a good time to look into another line of work...

[sly_wolf 199]

The good news is that you may have a better chance of finding a high paying job in the U.S., given the size of the economy and population base. There's also less unemployment.

That depends on the area you live in too. We live in an area close to Atlanta, but Joel has NOT found a job yet. He has a degree in IT, loads of experience, but so far that's done him no good at all.

I totally agree! There may be good opportunities for a particular profession somewhere in the US, but some of us are living where we are because of family responsibilities, and there aren't any good jobs nearby. The job situation is really grim in the environmental sciences in the South. It's like the area's 20 years behind the west. I could get a job teaching at one of the universities or working for the government but why bother at this point when I can work part time in BC and Alberta and make over twice as much money.

Will there be any visa or tax issues for you living in the US and working in Canada?

Sly

[girl 37 7]

Will there be any visa or tax issues for you living in the US and working in Canada?

Sly

Not that I expect, because I'll be spending more time in the US than in Canada. I've been doing consulting work in BC / Alberta for a couple of years, and am in the process of setting things up in the US so my consultancy will be US-based, but with Canadian clients.