Bankruptcy

[kar-kier]

We are moving to WA in Jaunuary, and currently have about £25000 of unsecured debt. In this country (scotland) both my husband and myself work, and can cover the debts easily enough. The thing is, when we move to WA only my husband will be working, and there is no way what so ever we will be able to pay the debts.

I've read on other sites it is possible to declare myself bankrupt in the UK from Australia, without ever having to return - does anyone know anything about this?

We can't declare ourselves bankrupt just now, as we earn too much! So confusing and hard, we just want to make a fresh start in Australia.

Any help or advice would be greatly appreciated!

[kaz101]

Hi Kar-kier,

This is probably a question for an agent since they may know about this kind of situation.

Regards,
Karen

[anj1976]

Hi

I guess your credit score helps you a lot in obtaining things like credit card, loans etc in any country. If you fall in the bad debt category, it might raise an issue with the agencies. No one wants to give a loan or say a credit card to someone who will not be able to pay back. In some countries the penalty for not paying back can be very high. So before you declare yourself bankrupt, make sure you check with the negatives of it.

From what I have read so far, it is much easier to get a credit card, a home loan, any other kind of loan, for that matter, even a house on rent if you have references from the previous related agencies. If it is positive, they will be more than happy to offer. Incase you do not give any references, they ask for a zillion and one things from you, like current salary and your financial status etc etc etc.

Not a great piece of information but a thought that came up the moment I read your post.

Wish you luck.
Anj

[pjmpjm]

I would definitely get professional legal advice about this matter. It's a very serious step and might have unexpected consequences in WA.

[kar-kier]

We are being provided with a house by the WA education authority, so don't need to worry about renting. I'm not planning on getting any loans or credit cards again. From everything i have read you credit rating (excellent or awful) will not be taken into account once we reach Australia.

[pjmpjm]

Originally Posted by kar-kier

We are being provided with a house by the WA education authority, so don't need to worry about renting. I'm not planning on getting any loans or credit cards again. From everything i have read you credit rating (excellent or awful) will not be taken into account once we reach Australia.

Good luck with your move. My son and his family lived for two years down near Albany, WA and I visited there once, about five years ago. I have another relative who lives in Fremantle and loves it there. The state is huge and beautiful and everyone thinks it has a great future.

[anj1976]

Originally Posted by kar-kier

We are being provided with a house by the WA education authority, so don't need to worry about renting. I'm not planning on getting any loans or credit cards again. From everything i have read you credit rating (excellent or awful) will not be taken into account once we reach Australia.

That sounds good. Though I am in good books here, I get close to 5 calls everyday for a lifetime free credit card, offering me god knows what not, they keep upgrading my credit card with an increased limit, from a silver to a gold to a platinum.. . But carrying a credit card is a pain. specially for people like me who are big spend-thrifts.