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fastmover
Starting Member
Ireland
4 Posts |
 Posted - 24 September 2011 : 17:26:42
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Hello....
I'm trying to find out if a debt that has been attached to my home by court order is now a secured debt in relation to bankruptcy.
The debt was previously unsecured......if it is now classed as a secure debt then obviously the home will have to go
The home is in negative equity but would like to keep it if possible
Many thanks for all your help |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 24 September 2011 : 19:27:45
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confirm the creditor has taken out a full charging order on your property and not interim charging order
what does the title deeds state or the court order refer to ?
(edit after after posting) in the Irish courts or UK courts against UK or Irish property ?
Good Luck Richard,
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Edited by - Richard P on 24 September 2011 19:29:17 |
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fastmover
Starting Member
Ireland
4 Posts |
Posted - 25 September 2011 : 03:48:11
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Hi Richard...
The property is in the south of ireland and the charges are in the irish courts.
I am in the process of moving up to belfast to live with the view to declaring myself bankrupt at some stage in the future.
The charges have been registered with the land registry office here in the south but as far as i know there are temporary for a period of six years and have to be reapplied for.
The property is an apartment that is in negative equity with a lot of arrears and my plan was to rent it out and repay the arrears over the few years that I live up north....can this be done or am i dreaming.....
Thanks again for all your help
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debtinfo
forum expert
2826 Posts |
Posted - 25 September 2011 : 09:09:02
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| Why are you moving to the north |
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fastmover
Starting Member
Ireland
4 Posts |
Posted - 25 September 2011 : 16:28:32
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I am moving to the North to make a fresh start.
I have over €90k in unsecured debt and an investment property gone back in negative equity and my own home in arrears. I Have been diagnosed as being bi polar and am not coping very well under all this debt.
The cost of living in the South is just ridiculous and the bankruptcy laws prevent me from making a new start. I would be bankrupt for 12 years (although new law allows an application for discharge to be made after 5 years the court will only grant it under certain conditions)
This means I will be 53 before I am am to start again.....
Depressed and all as I am I'm not about to give up on my life and am prepared to make a fresh start somewhere else.... |
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debtinfo
forum expert
2826 Posts |
Posted - 25 September 2011 : 17:26:53
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ah, so bankruptcy tourism?
how long do you intend to live in the north before applying |
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fastmover
Starting Member
Ireland
4 Posts |
Posted - 25 September 2011 : 19:22:09
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so you frown upon it then do you?
Moving country is what I have to do to start a new life for myself and my daughter. It is not an easy option for me.
It is no different than thousands of people emigrating to Australia to start a new life or do you rank on them also? Or for that matter thousand's of British people retiring to Spain to avoid northern hemisphere winters. Do you slate them as well?
As an EU citizen I am entitled to live and work anywhere within the EU and am subject to the laws of that country.
I joined here to seek advice from people with he same experiences as myself....not to be derided for making what is an already difficult life decision
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debtinfo
forum expert
2826 Posts |
Posted - 25 September 2011 : 20:21:51
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where have i derided you, just getting to the bottom of what is actually happening from the scant details provided so far in the thread,
ie moving from the south to the north
maybe from post 3 for just a couple of years (hence why i was asking how long you intend to stay)
possibly from post 5 to take advantage of the more lenient bankruptcy laws in the north
is any of the above wrong?
if not then this is what is commonly refered to as bankruptcy tourism, the Insolvency service in the UK, does frown upon it (if it is the only reason for moving)and in fact has been known to do more such as ask the court to revoke the order, i imagine that they are very hot on the case particularly in NI due to the obvious disparity accross an easy land border.
I was not deriding but simply classifying and was asking for more info, for instance if you are intending to make a life in the UK long term thn there might not be a problem at all, if you are simply moving to avoid irish law then there might be a problem.
another problem and a reason i was asking more questions was that your (centre on main interest) a phrase you will need to become acustomed to can be decided on where you are living or where you have business interests, which may affect you if you are still in business letting a property |
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Secured Debt or not
