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Want to declare bankruptcy and move back to Canada?

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jgl34barons | 17:49 Mon 02nd Feb 2009 | Personal Finance
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I am moving back to Canada for good in 5 months, I am in financial trouble in the UK. I have �50,000 unsecured debt with one bank and I will not have a job as of the 1st of April! I am currently considering Bankruptcy as I have no assets and nothing else to lose, i figure the best and easiest way out is to declare myself Bankrupt and move back to Canada with a clean slate. I do not care about my credit rating in the UK as I am leaving for good!!!


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I'm no expert on bankrupcy,but you might find this mildly informative:- t=514557
If you decide to do it, go bankrupt before you leave. You will then have an interview with the Official Receiver at which you can say you are moving to Canada - they can't stop you doing so.

You will still have to comply with your obligations under UK bankruptcy law, which may mean making payments to your creditors (through the OR) for 3 years. This will depend on your financial circumstances when you get to Canada - what sort of job you get, income, expenditure etc.

I am assuming you've been in UK more than 6 months. If not, the situation may be different, & you would probably have to go bankrupt in the High Court in London rather than a local County Court.
do it now then put as much as you can away for when you go back to canada
Bankruptcy is our nation’s way of protecting the debtor and providing a route to financial freedom. It is the path to recovery! Of course, the way out is through sound and smart habits: using credit cards wisely, ensuring that your credit is being reported back to the credit bureau, saving, and paying bills on time.

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