Hi,
I am an international student studying here in Australia. I have debts totaling 62K which I can not pay as I have no income or assets and I am receiving living and tuition assistance from my family. My family has already made over 40K in payments for legal fees and other expenses and I do not want to hinder them anymore with my remaining debt. As a result I was thinking of declaring bankruptcy but I am not sure if this will effect me in the following aspects:
* Will my current student visa status or future visa applications be affected?
* If it will cover my type of debts (court order - restitution order and outstanding legal fees)?
* How does bankruptcy work if I return to my home country within the 3 years of being monitored by a trustee?
Note: I have no action against me to declare bankruptcy, this would be initiated by myself and executed before final proceeding for payments would be issued. Also, I am not sure if I need to wait till I receive something in writing that states the restitution order has been activated? or similar, or is this active from when the court date for this matter took place?
Thanks,
William
I am an international student studying here in Australia. I have debts totaling 62K which I can not pay as I have no income or assets and I am receiving living and tuition assistance from my family. My family has already made over 40K in payments for legal fees and other expenses and I do not want to hinder them anymore with my remaining debt. As a result I was thinking of declaring bankruptcy but I am not sure if this will effect me in the following aspects:
* Will my current student visa status or future visa applications be affected?
* If it will cover my type of debts (court order - restitution order and outstanding legal fees)?
* How does bankruptcy work if I return to my home country within the 3 years of being monitored by a trustee?
Note: I have no action against me to declare bankruptcy, this would be initiated by myself and executed before final proceeding for payments would be issued. Also, I am not sure if I need to wait till I receive something in writing that states the restitution order has been activated? or similar, or is this active from when the court date for this matter took place?
Thanks,
William