Major Tom Posted November 20, 2015 Share Posted November 20, 2015 Hi all, I have a friend that has been made Bankrupt, but is thinking of following us to Australia.............what's his options? Partner visa (subclass 309/subclass 100 lodged 02/04/2015, CO (VF) allocated 06/05/2015. Police ACRO Check completed 24/09/2015, Medical Check completed 01/10/2015, currently completing a C100 removal from jurisdiction for my Stepson, looking to locate to Melbourne Berwick area with my family of five in early 2016. Quote Link to comment Share on other sites More sharing options...
AJ Posted November 20, 2015 Share Posted November 20, 2015 so how can he afford to migrate? Quote Link to comment Share on other sites More sharing options...
ali Posted November 20, 2015 Share Posted November 20, 2015 Same an anyone really - look at which visa they qualify for and take it from there. If they're bankrupt though they may find the cost of the process/moving/setting up a barrier. Being bankrupt would not exclude them from applying. Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted November 20, 2015 Share Posted November 20, 2015 The bankruptcy shouldn't have any affect as long as he is eligible for a visa, I'm sure he will still need to declare on the character questions. Quote Link to comment Share on other sites More sharing options...
Major Tom Posted November 20, 2015 Author Share Posted November 20, 2015 He has had some bad luck, business folded, but he managed to sell things to pay off creditors etc..........but his house he bought in the peak of prices, and now might go into negative equity, so this is the issue. I think he has mother & father that will help with emigration costs. Cheers MT Partner visa (subclass 309/subclass 100 lodged 02/04/2015, CO (VF) allocated 06/05/2015. Police ACRO Check completed 24/09/2015, Medical Check completed 01/10/2015, currently completing a C100 removal from jurisdiction for my Stepson, looking to locate to Melbourne Berwick area with my family of five in early 2016. Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted November 20, 2015 Share Posted November 20, 2015 He has had some bad luck, business folded, but he managed to sell things to pay off creditors etc..........but his house he bought in the peak of prices, and now might go into negative equity, so this is the issue. I think he has mother & father that will help with emigration costs. Cheers MT Partner visa (subclass 309/subclass 100 lodged 02/04/2015, CO (VF) allocated 06/05/2015. Police ACRO Check completed 24/09/2015, Medical Check completed 01/10/2015, currently completing a C100 removal from jurisdiction for my Stepson, looking to locate to Melbourne Berwick area with my family of five in early 2016. Is he already a declared bankrupt? If not it may be worth asking one of the agents on here first what's the best way to go Quote Link to comment Share on other sites More sharing options...
Major Tom Posted November 20, 2015 Author Share Posted November 20, 2015 He is close, I think he's going to apply, the house is in ex-wife name as well, it was bought be the pair of them when business was booming, and now it's not, she's is nowhere to be seen regarding any help, so he's just cutting his losses of about £100k I think, he has no way of being able to pay back that amount, and the Bank by all means that his business and mortgage in have been 'not very helpful' is an understatement! Partner visa (subclass 309/subclass 100 lodged 02/04/2015, CO (VF) allocated 06/05/2015. Police ACRO Check completed 24/09/2015, Medical Check completed 01/10/2015, currently completing a C100 removal from jurisdiction for my Stepson, looking to locate to Melbourne Berwick area with my family of five in early 2016. Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted November 20, 2015 Share Posted November 20, 2015 He is close, I think he's going to apply, the house is in ex-wife name as well, it was bought be the pair of them when business was booming, and now it's not, she's is nowhere to be seen regarding any help, so he's just cutting his losses of about £100k I think, he has no way of being able to pay back that amount, and the Bank by all means that his business and mortgage in have been 'not very helpful' is an understatement! Partner visa (subclass 309/subclass 100 lodged 02/04/2015, CO (VF) allocated 06/05/2015. Police ACRO Check completed 24/09/2015, Medical Check completed 01/10/2015, currently completing a C100 removal from jurisdiction for my Stepson, looking to locate to Melbourne Berwick area with my family of five in early 2016. It sounds like he needs professional guidance on a few points. I hope he manages to join you and start a fresh. Break ups are hard nevermind businesses going under as well. Quote Link to comment Share on other sites More sharing options...
newjez Posted November 20, 2015 Share Posted November 20, 2015 Hi all, I have a friend that has been made Bankrupt, but is thinking of following us to Australia.............what's his options? Partner visa (subclass 309/subclass 100 lodged 02/04/2015, CO (VF) allocated 06/05/2015. Police ACRO Check completed 24/09/2015, Medical Check completed 01/10/2015, currently completing a C100 removal from jurisdiction for my Stepson, looking to locate to Melbourne Berwick area with my family of five in early 2016. I think I remember a few threads on this before, so could be worth having a bit of a search through old posts. Quote Link to comment Share on other sites More sharing options...
Major Tom Posted November 20, 2015 Author Share Posted November 20, 2015 It's my fault for Australia, as I hooked him up with my OH Aussie friend on a blind date.............the rest is history! Partner visa (subclass 309/subclass 100 lodged 02/04/2015, CO (VF) allocated 06/05/2015. Police ACRO Check completed 24/09/2015, Medical Check completed 01/10/2015, currently completing a C100 removal from jurisdiction for my Stepson, looking to locate to Melbourne Berwick area with my family of five in early 2016. Quote Link to comment Share on other sites More sharing options...
OzzyTop Posted November 20, 2015 Share Posted November 20, 2015 Not sure if bankruptcy is taken into consideration? Quote Link to comment Share on other sites More sharing options...
Nemesis Posted November 20, 2015 Share Posted November 20, 2015 It's my fault for Australia, as I hooked him up with my OH Aussie friend on a blind date.............the rest is history! Partner visa (subclass 309/subclass 100 lodged 02/04/2015, CO (VF) allocated 06/05/2015. Police ACRO Check completed 24/09/2015, Medical Check completed 01/10/2015, currently completing a C100 removal from jurisdiction for my Stepson, looking to locate to Melbourne Berwick area with my family of five in early 2016. How 'hooked up' is he? Why not apply for a Spouse Visa, being bankrupt will have no effect on that. Quote Link to comment Share on other sites More sharing options...
Major Tom Posted November 20, 2015 Author Share Posted November 20, 2015 They are getting engaged at Christmas, but it's a secret at the moment! :-) Partner visa (subclass 309/subclass 100 lodged 02/04/2015, CO (VF) allocated 06/05/2015. Police ACRO Check completed 24/09/2015, Medical Check completed 01/10/2015, currently completing a C100 removal from jurisdiction for my Stepson, looking to locate to Melbourne Berwick area with my family of five in early 2016. Quote Link to comment Share on other sites More sharing options...
Woody Posted November 20, 2015 Share Posted November 20, 2015 As far as I know bankruptcy isn't taken into consideration and your credit history starts again in oz so doesn't follow you. If he has no equity in the house he won't loose it in the bankruptcy. If he can keep paying the mortgage payments and possibly rent it out while he moves to oz he will over time regain the equity. Providing once he is discharged from bankruptcy (normally after a year) he buys back the interest in his house, this is normally an admin fee plus any equity. Unlikely house prices will shift much in a year, plus point out negatives to estate agents and press you are looking for a quick sale you can ensure low valuations. Buying back the interest will mean there is no charge over the property and when he does sell any equity will be his. Just a thought, might help him down the line. Although if the house isn't in his name he might want to seek advice,cab are very helpful. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted November 20, 2015 Share Posted November 20, 2015 (edited) He is close, I think he's going to apply, the house is in ex-wife name as well, it was bought be the pair of them when business was booming, and now it's not, she's is nowhere to be seen regarding any help, so he's just cutting his losses of about £100k I think, he has no way of being able to pay back that amount, and the Bank by all means that his business and mortgage in have been 'not very helpful' is an understatement! Surely any money owing for the house would be her debt and how can the house be sold if it is in her name. Are you saying there is potentially £100,000 negative equity in the house. Whereabouts is this house? Prices continue to rise where I lived and I had no idea that anywhere had fallen this far below its peak. You need to remove your 'signature' from the body of your posts btw. Edited November 20, 2015 by snifter fixed quote tags Quote Link to comment Share on other sites More sharing options...
Guest Posted November 20, 2015 Share Posted November 20, 2015 Well, there are a couple of visa options if they meet the requirements. Depending on if they have been de facto for long enough the partner visa may be the way forward. The other, if the partner is in Aus or planning to return would be the PMV (which isn't so full on requirement wise as the partner visa) but there are certain conditions attached and then a partner visa application would follow. He'll still have to undergo a medical, police check and so on for both. Quote Link to comment Share on other sites More sharing options...
Major Tom Posted November 20, 2015 Author Share Posted November 20, 2015 Yes the money owing is split between them £100k each, it a joint mortgage, so joint debt. The house is for sale, it just means negative equity. Prices around here have not risen that much since 2010, I think they have just crept up to the 2008 crash. Partner visa (subclass 309/subclass 100 lodged 02/04/2015, CO (VF) allocated 06/05/2015. Police ACRO Check completed 24/09/2015, Medical Check completed 01/10/2015, currently completing a C100 removal from jurisdiction for my Stepson, looking to locate to Melbourne Berwick area with my family of five in early 2016. Quote Link to comment Share on other sites More sharing options...
Major Tom Posted November 20, 2015 Author Share Posted November 20, 2015 How did my signature get on my posts!!! Random! Partner visa (subclass 309/subclass 100 lodged 02/04/2015, CO (VF) allocated 06/05/2015. Police ACRO Check completed 24/09/2015, Medical Check completed 01/10/2015, currently completing a C100 removal from jurisdiction for my Stepson, looking to locate to Melbourne Berwick area with my family of five in early 2016. Quote Link to comment Share on other sites More sharing options...
dmjg Posted November 22, 2015 Share Posted November 22, 2015 Surely any money owing for the house would be her debt and how can the house be sold if it is in her name. Are you saying there is potentially £100,000 negative equity in the house. Whereabouts is this house? Prices continue to rise where I lived and I had no idea that anywhere had fallen this far below its peak. You need to remove your 'signature' from the body of your posts btw. West yorks hasnt moved. 2006 May, Apartment purchased £100,000 2008 May, Worth £108,000 2009 August, Worth £80,000 2011 August, Worth £35,000 2014 September, Worth £50,000 2015 September, Worth £50,000 2015 November, Sold for £50,000 Real numbers, ours! Quote Link to comment Share on other sites More sharing options...
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