I have debts of around £70,000 and a house (rented out) with about £30,000 negative equity. I have recently married an Indonesian national and am thinking of moving over there. If I made myself bankrupt then moved there, would I be able to work without declaring my income to the OR? If I saved some money say £20,000 before I went abroad (by not paying creditors for a few months) to support myself until I could find a job would the OR insist this is repaid?
You would have to declare income to the OR if you are made BR regardless of where you live. If you are BR then how would you manage to save £20k?
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
The £20k savings would be an asset of your BKY estate and would be payable into the estate. The O.R or Trustee might allow you to keep a small amount towards some living costs.
You will also need to declare your income and might have to pay a contribution from any surplus into the BKY estate for 3 years.
Thinking of moving to Indonesia
Posted - 20 October 2016 : 20:32:26
