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stuk2011
Starting Member
1 Posts |
 Posted - 08 February 2011 : 16:31:57
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Hi all,
Situation:
My partner and I have debts in the region of £200,000 and we are considering applying for a Bankruptcy as we no longer have a source of income to pay towards our debts.
Chances are that our house will be re-possessed before we even apply for a bankruptcy as we are already more than 12 months in arrears. The house has negative equity; presumably, Bank will try to recover as much money as possible before we file our bankruptcy. We have other debts e.g. credit cards, personal loans etc. and have been advised by the Citizen’s advice bureau to file for Scottish sequestration using the charge for payment notices we have recently received. My only other asset is a Car - 2006 ford focus, think it’s probably worth £3000 and yes it’s on a hire purchase agreement. We originally borrowed £8500 and still owe £850.
I have been unemployed since 2007 and despite genuine efforts I have failed to find/secure a job that offers flexible working hours so that I do not end-up paying all/or most of my earning towards care costs for my two children (3 years old and a 13 months).
My husband has recently resigned from his job due to extreme depression whereby as a result of bankruptcy he would have lost his job anyway as he works for a financial institution (confirmed by employer).
To add more complexity to our situation, my Mother-in-law (who lives abroad) has recently been diagnosed with cancer and we are considering going and living with my in-laws for some time. Whilst our families are ok to support us while we are unemployed they do not have adequate finances to help us either pay in full or reduce significant part of our debt.
Questions:
a) Is there any way in which we could submit or manage our bankruptcy whilst living abroad?
Some people have advised this is possible; we need to appoint a solicitor or an insolvency practitioner and give him/her power of attorney so that he/she can file bankruptcy on our behalf and appear in court when required.
OR
b) If we apply for a bankruptcy would we be allowed to move abroad?
I have heard that court can have your passport confiscated or put a restriction on travelling abroad. Is this true? (For clarity, I am referring to a court in the UK)
c) Has my husband done the right thing by resigning from his job before filing for bankruptcy or have we once again made a wrong decision?
Our situation is dire and we can only blame ourselves as we continued to borrow more and more, thinking that life can only get better and Banks kept on lending happily without challenging our live-now- pay later attitude.
We are where we are, now that we have realised our mistakes we would like to make a fresh start in life and any help with above queries or relevant information is much appreciated – I thought someone within the community may have experienced similar circumstances.
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 08 February 2011 : 17:01:48
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Hi Stu
what is your current centre of main interest, where have you lived recently ?.
scottish law is different to south of border BR law
Paul at Reviva UK can deal with lasting power of attorney which means you do not have to present your self at court. I do not know balance Scottish V English court call him for info
so answer to a) & B)yes
your obligation is to maintain contact with the OR. no handing in passport
If it makes hubby feel better and move forward personal health is far more important than debts. so OK.
my thoughts get on the plane ASAP and support family
Richard |
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