In today’s economic climate many people find themselves in financial cul-de-sacs that they simply cannot get out of. Filing for bankruptcy is a common way to deal with overwhelming debt.
Immigrate to Canada
If you are looking to immigrate to Canada and have declared bankruptcy in the country you wish to leave, your immigration status could be in question. Your financial future in Canada depends on your ability to contribute to our economic society and support yourself and family members. Because the bankruptcy laws in the country you are leaving may differ from those in Canada, there may be a waiting period involved if you have filed for bankruptcy but haven’t been released from it yet. However, if your bankruptcy occurred in the past and you are starting to rebuild your finances, your immigration status may not be affected.
Emigrate from Canada
If you are looking to leave Canada and move to another country but have declared bankruptcy here, it will depend on the immigration laws in the country you are looking to emigrate to. As aforementioned, bankruptcy laws differ slightly from country to country. You will need to visit the immigration website for the country you wish to leave Canada for in order to get this information. However, also being in debt can also be an immigration issue as one ability to financially support themselves can often be a factor. Thus clearing up your debt through a bankruptcy or other means can be a positive step towards your goals.
Sponsorship of an immigrant
Many Canadians choose to sponsor relatives who are looking to come to Canada. Filing for bankruptcy can affect your eligibility to be a sponsor. When you have been released from bankruptcy, you start the sponsorship process again. In order to sponsor an immigrant to Canada you will need to complete a financial application. This application will detail your finances for the 12 previous months and if you do not meet the financial qualifications for sponsorship, you will be denied the ability to be a sponsor so clearing up your debt is important but you will not be able to sponsor someone while in bankruptcy.
Canadian residents
If you are already a resident of Canada and have filed for bankruptcy it will bear no consequences on your application for citizenship. Since you are already a Canadian resident there exists no impact on your impending citizenship.
One of the more important thing to remember about filing for bankruptcy is that it is not a crime. Filing for bankruptcy does not come with criminal intent, but only financial intent. If you have filed for bankruptcy or are considering it, you do not have to harbour concern if you abide by all bankruptcy laws. Contact Kevin Thatcher & Associates today for more information on bankruptcy and various other debt solutions.