Hello there!
First, thanks to everyone finding time to read my question. It is quite important to me so I appreciate any help or answer.
I'm a foreigner living in Australia on a full time working 457 visa. I have a small business overseas in Asia for which I made a loan with a bank. So far all is good and I'm repaying all without any issues. But the business is in a location where there can be easily a tsunami or eruption, etc. and I know the chances are not that high but it can happen.
Now I know from experience that insurance companies in that country is a disaster and for long term negotiations so I'm just wondering what would be the worst case scenario if something like that happened and I wouldn't be able to repay the loan anymore (we are talking roughly about 70 000AUD together with credit cards).
I understand the process of bankruptcy for an Australian but not really sure how it works for a foreigner. Because for example there are limitation for traveling overseas but what if I need to go back to my country permanently or my visa is cancelled or expires? Then I'm not even allowed to stay in Australia, how does it connect with bankruptcy then?
Thank you.
First, thanks to everyone finding time to read my question. It is quite important to me so I appreciate any help or answer.
I'm a foreigner living in Australia on a full time working 457 visa. I have a small business overseas in Asia for which I made a loan with a bank. So far all is good and I'm repaying all without any issues. But the business is in a location where there can be easily a tsunami or eruption, etc. and I know the chances are not that high but it can happen.
Now I know from experience that insurance companies in that country is a disaster and for long term negotiations so I'm just wondering what would be the worst case scenario if something like that happened and I wouldn't be able to repay the loan anymore (we are talking roughly about 70 000AUD together with credit cards).
I understand the process of bankruptcy for an Australian but not really sure how it works for a foreigner. Because for example there are limitation for traveling overseas but what if I need to go back to my country permanently or my visa is cancelled or expires? Then I'm not even allowed to stay in Australia, how does it connect with bankruptcy then?
Thank you.
