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Mick.pw
Starting Member
4 Posts |
 Posted - 16 July 2012 : 20:48:20
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Right where do I start....
I made a bad property investment in Europe, the bank will want the difference back from the auction sale of the property and what was left outstanding on the mortgage. By my calculations around €80,000, about £65K. It is now common knowledge that the bank has a UK Branch solely to chase UK residents fleeing their European financial commitments.
I plan to sell my house (for the true market value) and release the 80K equity in it, use the money to pay back loans to friends and family, then go bankrupt, will they ask where the money is? If I say its gone / spent, is there anything they can do?
Any advice will be greatly appreciated.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 16 July 2012 : 20:54:15
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Hi Mick,
Don't pay back family and friends and then declare bankruptcy as it will get very messy
How much do you owe them all? Yes, they can claim the money back from your family and friends, through the courts if necessary.
Please speak to an expert for advice as bankruptcy may not be the only option.
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 |
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Mick.pw
Starting Member
4 Posts |
Posted - 16 July 2012 : 21:20:40
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Hi Viki
What I owe them (family) is only a tiny fraction really.
I was only using this as an excuse to where the money has gone.
Lets say, for example I spend the 80K on a lavish lifestyle buying no assets. Can this land me in trouble?
I feel quite angry at the European bank, they own half the development I bought on and due to low sales they won’t pay their community fees, which they are obliged too. In turn the place is falling down along with stagnating swimming pools. I don’t want them to see a penny (wow I sound bitter)
Thanks again
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 16 July 2012 : 22:31:55
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I think a lot of us have nothing to show for what we spent. My money went on exotic holidays, cars and clothes.
I agree with Viki though that you should not favour your relatives over other creditors, much as you want to.
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
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debtinfo
forum expert
2826 Posts |
Posted - 16 July 2012 : 23:00:22
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If I may offer you 2 thoughts to think long and hard about.
The first is this, when you are standing in front of the judge, the extent of your anger at the bank will be neither mitigation nor defence.
The second is this, no matter how you dress it up or how much money it comes with, involving your family in your criminality is not an act of kindness |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 16 July 2012 : 23:16:13
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You're right debtinfo - I misread the post and thought that he was talking about previous spending.
I totally agree.
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
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Mick.pw
Starting Member
4 Posts |
Posted - 17 July 2012 : 06:35:06
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quote:
Originally posted by debtinfo
No matter how you dress it up or how much money it comes with, involving your family in your criminality is not an act of kindness
Ok, forgeting the family aspect. Standing in front of the judge, and they ask where the equity has gone from the sale of the house, and I say I have spent it (even though his may be 2 years down the line) is criminal, surely not? |
Edited by - Mick.pw on 17 July 2012 06:35:35 |
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debtinfo
forum expert
2826 Posts |
Posted - 17 July 2012 : 06:48:43
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| As part of the bankruptcy you will be asked to fill in documents and you will be interviewed, if you make false statements or omit the truth in either then it is perjury which is a criminal act and can be punished with a prison sentence |
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Mick.pw
Starting Member
4 Posts |
Posted - 17 July 2012 : 07:03:17
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Yes, of course thanks
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year 2029
Average Member
590 Posts |
Posted - 17 July 2012 : 10:00:34
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Even if you say you have 'spent it', you will have to account within reason where the money has gone.
You will no doubt have to show your bank accounts to where this money had gone.
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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. |
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Topic |
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Right where do I start....I made a bad property investment in Europe
