Filing Bankruptcy BEFORE/AFTER sponsorship

[rharish]

I just had a quick question. I want to help my parents come to Canada but I was also seeking advice about filing bankruptcy so I could have a fresh start when they get here. I haven't done anything as of yet but I am trying to weigh out the pros/cons of two options.

1) I can file bankruptcy BEFORE they come, but I have no clue how long I would have to wait until I would be able to sponsor them to come to Canada as I will be Bankrupt for 21 months.

2) I can sponsor my parents first and then file bankruptcy AFTER, but then I am not sure how long I would have to wait after they come to Canada before I can file. I wouldn't want to run the risk of having them being sent back to India.

Can someone please help me weigh out both options and look at the pros/cons of going through with either option? I tried consulting with a Trustee who was going to help me file but they were not able to help me weigh out both options. PLEASE HELP!

 

[mikeymyke]

Why not just let them apply for the super visa before you file bankruptcy? It's a much less hassle option than sponsorship.

 

[user828]

I just had a quick question. I want to help my parents come to Canada but I was also seeking advice about filing bankruptcy so I could have a fresh start when they get here. I haven't done anything as of yet but I am trying to weigh out the pros/cons of two options.

1) I can file bankruptcy BEFORE they come, but I have no clue how long I would have to wait until I would be able to sponsor them to come to Canada as I will be Bankrupt for 21 months.

2) I can sponsor my parents first and then file bankruptcy AFTER, but then I am not sure how long I would have to wait after they come to Canada before I can file. I wouldn't want to run the risk of having them being sent back to India.

Can someone please help me weigh out both options and look at the pros/cons of going through with either option? I tried consulting with a Trustee who was going to help me file but they were not able to help me weigh out both options. PLEASE HELP!

CIC keeps good tab on sponsors financial conditions, and they expect you to keep required LICO till the file is complete - which unfortunately takes easily 4-5 years + to sponsor. This is if you satisfy LICO starting from last years which is extra 30% for new apps which starts in Jan 2014, that too for only 5K apps
So however you design it, there is a risk you will asked to show financial docs and your app will be refused
If you don't want to burden yourself too much, apply for Supervisa, get them, here and then apply for Bankruptcy if you have to

 

[Rob_TO]

1) I can file bankruptcy BEFORE they come, but I have no clue how long I would have to wait until I would be able to sponsor them to come to Canada as I will be Bankrupt for 21 months.

As a general rule, you can't sponsor anyone until the bankruptcy is discharged. I believe this takes on average 9 months from the date you file the bankruptcy.

However with new laws starting in 2014 for sponsoring parents, you will need to show you've met income levels for sponsoring your parents (which is increasing by 30%), for the last 3 years.

2) I can sponsor my parents first and then file bankruptcy AFTER, but then I am not sure how long I would have to wait after they come to Canada before I can file. I wouldn't want to run the risk of having them being sent back to India.

Once the visa is granted, i don't think they continue to check on the sponsor's financial situation, so technically it should be ok for a sponsor to claim bankruptcy after parents (or spouse) has already got their PR.

However keep in mind all parent sponsorships are CLOSED as of right now. They will start up again in 2014, but only the first 5,000 applications will be accepted before they close it again. Also it can take a LONG time for the processing, like around 5 years. If you are in enough financial trouble that you are considering bankruptcy... could you really wait for more than 5 years?

It sounds also like if you are in such financial difficulty, you maybe won't qualify to sponsor your parents in the first place. Agreed that the Supervisa option would be the quickest/easiest way to get them to Canada.

 

[rharish]

Hey guys thanks for all of your help. I did some research and believe applying for the Super Visa and then filing would be the best option. I was just wondering how much more would it cost to get a Super Visa?

 

[rharish]

Also, this would be more of a temporary solution because eventually I want them here permanently so I can take care of them without having to spend so much money to go back and forth.

 

[Rob_TO]

Hey guys thanks for all of your help. I did some research and believe applying for the Super Visa and then filing would be the best option. I was just wondering how much more would it cost to get a Super Visa?

I believe the basic application fee is in the $75-$150 range.

However the real cost of a supervisa comes from the medical insurance. It requires i think at least 1 full year of private coverage for your parents, which can cost thousands of dollars.

You also need to meet some minimum income requirements to qualify.