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| T O P I C R E V I E W |
| mountainyman |
Posted - 19 November 2009 : 14:34:28
I am very grateful for any assistance that can be given.
I will outline my circumstances first and then my questions.
First the circumstances and I apologise if I go on a bit.
I am a Republic of Ireland citizen and own a home in the Republic of Ireland.
I am married and have a 3 year old son and a 1 year old daughter. My wife is also a Republic of Ireland citizen.
We both have family in England.
In February of this year I lost my job (I had been on € 60,000 per annum).
I work in a specialised area of IT.
In 2006 I paid €364,000 for my house which is now in negative equity (based on sale prices nearby) of about € 100,000 - € 120,000.
Unfortunately it took me 7 months to find work and when I did find work I had to move to Bristol.
My job in Bristol is reasonably well paid (£34,000) and I live in Bath which I like.
However the delay in finding work in Ireland has badly affected our savings. They have declined from €30,000 to €4,000.
This coupled with the fact that even though my salary can support a nice standard of living it is (obviously) in sterling means that even though I have not yet defaulted on my mortgage default is inevitable.
I have no other significant debts.
I am currently renting a one bedroom flat just outside Bath.
My Irish mortgage is about € 1,900 (£1,600) and my rent is about £600. That's pretty much my whole take home pay gone.
I don't see a prospect of finding work in Ireland for at least a year (and perhaps more).
I would like to bring my wife and children to England and my wife is happy with the idea.
Now for the Questions
Will I be allowed to go bankrupt in England?
If I go bankrupt in England can I repudiate the house that I own in Ireland?
I really just want to hand the house back and forget about it. I really don't care if I have to rent for the rest of my life!
If I am a UK bankrupt I understand that a good part of my salary will be taken for a year to pay my debts.
Will we be allowed to rent a 2 bedroom house in an OK part of Bath? Would a rent of £900 a month be OK?
And most importantly does an Irish court have to recognise my English bankruptcy? Don't want to get arrested in 10 years time because in Ireland you can still go to jail for debt!
Thanks for listening!
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| 13 L A T E S T R E P L I E S (Newest First) |
| year 2029 |
Posted - 24 June 2012 : 15:56:49
Hi Stanford,
Welcome to the forum, just keep asking away with your own questions/experience/circumstances, and I'm sure people will do their best to answer you.
To be clear.....start new questions with a new thread for each.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| Skippy |
Posted - 24 June 2012 : 15:04:48
This is a very old post and it's unlikely that we'll hear from the OP again so ask as many questions as you need but as Niobe says it's probably better to post on the other thread or start a new one.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| Niobe |
Posted - 24 June 2012 : 13:55:48
Probably best done under the thread he originally started otherwise there might be a bit of confusion.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
|
| year 2029 |
Posted - 24 June 2012 : 13:16:10
Hi Stanford,
Welcome to the forum, just keep asking away with your own questions/experience/circumstances, and I'm sure people will do their best to answer you.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| Niobe |
Posted - 24 June 2012 : 12:52:16
This is a very old post Stanford and I doubt the OP is still on here.
He will not be able to post his email on here anyway - it's not allowed.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
|
| Stanford |
Posted - 24 June 2012 : 12:33:24
Hi Mick!
I am Irish and in a similar situation to you and I just wondered if you could update me with how everything went with your bankruptcy?? I'd be really grateful if you could give me your e-mail and we could talk privately??
quote:
Originally posted by mountainyman
I am very grateful for any assistance that can be given.
I will outline my circumstances first and then my questions.
First the circumstances and I apologise if I go on a bit.
I am a Republic of Ireland citizen and own a home in the Republic of Ireland.
I am married and have a 3 year old son and a 1 year old daughter. My wife is also a Republic of Ireland citizen.
We both have family in England.
In February of this year I lost my job (I had been on € 60,000 per annum).
I work in a specialised area of IT.
In 2006 I paid €364,000 for my house which is now in negative equity (based on sale prices nearby) of about € 100,000 - € 120,000.
Unfortunately it took me 7 months to find work and when I did find work I had to move to Bristol.
My job in Bristol is reasonably well paid (£34,000) and I live in Bath which I like.
However the delay in finding work in Ireland has badly affected our savings. They have declined from €30,000 to €4,000.
This coupled with the fact that even though my salary can support a nice standard of living it is (obviously) in sterling means that even though I have not yet defaulted on my mortgage default is inevitable.
I have no other significant debts.
I am currently renting a one bedroom flat just outside Bath.
My Irish mortgage is about € 1,900 (£1,600) and my rent is about £600. That's pretty much my whole take home pay gone.
I don't see a prospect of finding work in Ireland for at least a year (and perhaps more).
I would like to bring my wife and children to England and my wife is happy with the idea.
Now for the Questions
Will I be allowed to go bankrupt in England?
If I go bankrupt in England can I repudiate the house that I own in Ireland?
I really just want to hand the house back and forget about it. I really don't care if I have to rent for the rest of my life!
If I am a UK bankrupt I understand that a good part of my salary will be taken for a year to pay my debts.
Will we be allowed to rent a 2 bedroom house in an OK part of Bath? Would a rent of £900 a month be OK?
And most importantly does an Irish court have to recognise my English bankruptcy? Don't want to get arrested in 10 years time because in Ireland you can still go to jail for debt!
Thanks for listening!
|
| Reviva UK |
Posted - 19 November 2009 : 16:37:40
The insolvency service are VERY concerned about bankruptcy tourists and I would not be suprised to see the judge spend some considerable time on "questioning" before making an order.
Technically all EU debts will be covered but the key is that the UK has to be the centre of main interest.
We were in court yesterday with a EU citizen who has been here for 2 years and they were with the jusge for 20 minutes while he decided.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| mountainyman |
Posted - 19 November 2009 : 16:14:18
Thanks very much. It is a relief to know that the option is there ! |
| gettingoutofdebt |
Posted - 19 November 2009 : 15:28:47
Hi,
Will I be allowed to go bankrupt in England?
You need to have been resident in England for the past 6 months in order to be able to declare BR in England.
If I go bankrupt in England can I repudiate the house that I own in Ireland? I really just want to hand the house back and forget about it. I really don't care if I have to rent for the rest of my life!
Yes, any shortfall will be included in your BR and you can give the property up for repossession to the mortgage company.
If I am a UK bankrupt I understand that a good part of my salary will be taken for a year to pay my debts.
It's possible that you will pay an Income Payment Agreement (IPA) and these run for 36 months. You will pay between 50% and 70% of your DI (Disposable Income) after paying your rent, utility bills, food, etc.
Will we be allowed to rent a 2 bedroom house in an OK part of Bath? Would a rent of £900 a month be OK?
You can live where you like and providing the rent isn't excessive for that area there won't be any problem.
And most importantly does an Irish court have to recognise my English bankruptcy?
Yes, the bankruptcy will be recognised world wide.
One thing the OR will check is that you haven't moved to England just to declare BR as it is easier in England than Ireland. If you lost your job and then could only find work in England it shouldn't be a problem.
There used to be a time that people from Germany would move to England for 6 months and then declare BR as the BR rules are a lot more relaxed in England than Germany. I believe there were even German agencies that specialised in assisting people declare BR in England. This is why the OR will look closely at anyone who isn't a UK native and having large debts abroad wanting to declare BR in England. |
| Housing |
Posted - 19 November 2009 : 15:22:53
Hi again,
No problem - I hope that an expert will post to answer the question about eligibility and the link back to the Rebulic of Ireland
best regards, Richard
"There are no problems - only solutions..." |
| mountainyman |
Posted - 19 November 2009 : 15:12:30
I don't really mind if it takes 3 years to be honest with you. I won't be quitting my job to cheat my creditors anyway  . At least I would have an end in sight. It takes 12 years to be a dischaged bankrupt in Ireland and you need a judges permission
Thanks xmas baby and Housing |
| Housing |
Posted - 19 November 2009 : 14:54:52
hello Mountainyman
Welcome to the forum and welcome to the UK from a Welshman!!
I am not sure about a lot of your questions - I am sure someone will and put you at ease.
On the rental - it needs to be affordable and meet your family needs - for example you cannot (probably) rent a 4 bed house for you only...
As you are earning a goodish salary - likely that you will get an IPA on the disponable income for 3 years (I am pretty sure) although BR is only likely to be 1 year - again an expert will assist soon, regards, Richard
"There are no problems - only solutions..." |
| xmas baby |
Posted - 19 November 2009 : 14:47:04
Afternoon mountainyman,
I am sorry I cannot answer your questions, but I'm sure someone will be along very soon to help you. The only thing I should point out is if you are eligible for bankruptcy in England and you end up having to pay an IPA from any disposable income, then this continues for 3 years and not 1 year as you mentioned. The period of the bankruptcy is for 1 year, not the IPA.
Hope this helps.
xmas baby |
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