| T O P I C R E V I E W |
| bankconcern |
Posted - 17 April 2013 : 10:40:37
Hi I currently live in London. I have just handed the keys over to 2 mortgaged properties in Northern Ireland (repossession court dates for next month May 2013) which I bought before the recession and I plan to go bankrupt as there is no other option. I was hoping someone had the information I needed about my situation.
I am planning to move to Dublin for a new job starting in July. If I want to go bankrupt in the UK should I do it before I leave or do I have a time period to do it within?
As I have lived in England for 7 years and not Northern Ireland, should go bankrupt in one or the other?
If my house has been repossesed and not sold yet to see what the shortfall is, can I include this is my bankruptcy?
When I move to Dublin in July I will only be able to submit approx rent and bill costs, would the OR accept that or would they wish to wait until I had definite costs?
If I am planning to live in another country (Ireland) would they ask me to agree to an IPA?
Myself and my partner are hoping to get married next Summer. Can I include costs for a wedding if they want to work out if I should pay an IPA?
If my partner has some savings and she is going to buy a property in Dublin will they be able to touch her money before or after we get married in 12 months time? If so can they only touch it if there is an IPA in place?
Also I currently live at my partners parents house and dont want them to find out (partner knows), would they ever call out to the house? Is it possible to say I dont have a fixed abode? As currently I do have a surplus income due to paying little rent(£250), this will change when I move to Dublin (rent approx £600-700) so how I dont want to agree to an IPA if my financial circumstances will change, I would rather they see that I would not have the money and not have to start paying IPA.
Thank you in advance for any help with this. |
| 11 L A T E S T R E P L I E S (Newest First) |
| bankconcern |
Posted - 17 April 2013 : 16:14:34
Thanks Niobe and Viki.
Viki will I phone you at Vincent Bond? Thanks |
| Niobe |
Posted - 17 April 2013 : 16:14:06
Oops! Sorry, I thought it was three years worldwide.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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| Viki.W |
Posted - 17 April 2013 : 16:11:11
If you move to Dublin to live and work permanently, then you have less than 3 months to declare bankruptcy in the UK.
If you declare bankruptcy in the UK just before you go, then it's unlikely you would get an IPA, as you would make the OR aware of the upcoming changes.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| Niobe |
Posted - 17 April 2013 : 15:39:01
Once you are discharged, if you have no IPA in plance then you will not get one.
If you leave the UK you have three years in which declare BR here.
Please pick up the phone and give Viki a call - the advice is free.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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| bankconcern |
Posted - 17 April 2013 : 15:21:52
Thanks Viki. So as I am moving job and will have more expenses with no surplus it would be annoying to have to pay an IPA for 1 month say, then my circumstances change and no IPA is applicable. Then they monitor me for 3 years. So that after the first year if I get a payrise they take some and start an IPA for the remaining term(3 years?).
How long does someone have to go bankrupt in the UK if they leave the UK?
Would it be better for me to go bankrupt when I have just started in my new job in Dublin when I will have no surplus income so they only monitor me for 12 months instead of the 36? Am I right in thinking that if there is no initial IPA awarded they stop monitoring someone after 12 months?
Myself and partner need to start over, get married, have children etc. so finance over the next 3 years is going to be crucial.
Thanks |
| Niobe |
Posted - 17 April 2013 : 14:52:09
Hi and welcome.
The OR will assess your income before you are discharged and an IPA will start after that. Any changes in income can be reassessed.
Unfortunately you can't pay it off in one lump sum.
Unless there are very good reasons to hide an address (such as keeping away from an abusive partner) then the address will be published in the Insolvency Register. Your creditors would not contact you.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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| Viki.W |
Posted - 17 April 2013 : 14:50:36
Once you have been given an IPA, then you have to inform them of any changes for 3 years from the start of the IPA.
No, that address would be in the insolvency register.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| bankconcern |
Posted - 17 April 2013 : 14:40:12
Thanks Richard and Viki. I image that I will start this process fairly soon. Do you know how long it takes before they come to assess if I should pay an IPA?
If its decided that from June I pay an IPA of £200 p/m and then I move jobs and I have no disposable income for an IPA, will they monitor me for another 11 months to make sure my disposable income doesnt change? If after 11 months it hasnt changed will they stop looking for an IPA?
What happens if its agreed you pay for example £100 for the next 3 years and after 6 months you get some money (from Partner) can I use this to pay the rest of early so I can put it behind me?
Regarding my (inlaws to be) address, I wouldnt want that address to be used by any creditors is it possible for this address to be kept private between myself and the OR?
Thank you so much for the advice and help!
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| Viki.W |
Posted - 17 April 2013 : 13:53:49
I didn't see your post Richard, you type faster than me!
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| Viki.W |
Posted - 17 April 2013 : 13:53:03
Hi bankconcern,
I suggest you speak to an expert about your situation to see what your best options are.
If you live in the UK then you can declare bankruptcy here.
Any shortfall will be included even if the house hasn't sold yet.
The OR will assess your expenditure when it changes.
An IPA may still happen if you have a surplus, regardless of where you are living.
Your wedding costs will not be allowed to be included in expenditure.
Anything belonging to your partner is hers and can't be touched.
If you live at your inlaws, then that address would need to be used, but nobody will visit.
The OR has the year of bankruptcy to set up an IPA, if your I&E changes, you just need to submit new figures to the OR.
As I said earlier, please speak to an expert for advice.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| Richard P |
Posted - 17 April 2013 : 13:46:41
Hi Bank concern
long set of questions I will start with a few answers and then pass over to others
you need at the implications of going BR in England and Ireland Rules are different. I would encourage to go BR here in the UK and get all of the negaitives sorted before you start the new job and positives .. ducks in a row.
you must petition for BR at your local court and they take into accounbt the centre of your main intrests over past 6 months.
all debts incurred (or indicated as in house repo) prior to BR date are included.
The OR is used to people mving and changing jobs so will ask for updated statement of afairs income V expenditure.. IPA is only relevant to amount of disposable income , fairly the more you earn and have spare the more you give to OR.. most people do not claim all of the entitlements. get advice.
No you cant really be evasive with the truth, if they ask a question you must reply.
they would not give you an allowance to get married.
as long as debts are in seperate names your wife to be will not inherit your debts
Good Luck Richard,
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