I am currently in an IVA and with price increases in every day living and finding it harder to survive the month on my wages. My partner is Dutch and I am trying to move to Holland with him. I own my own home and have been trying to do it up to sell it but with the prices of houses dropping I cannot see that there will be enough equity to pay all the costs of the sale and the IVA and mortgage off.
This causing me so much stress that I am now off work sick and have been for 2 weeks I have a further 2 weeks off now and need to get things sorted befor i end up having a nervous breakdown. I think my only way out is bankruptcy but the thought of it makes me worry more. I know in the long term it will be better for me and my health as I know i will have a better life in holland.
I need to know I I can move to Holland if I am declared bankrupt? Could i be refused bankruptcy? I will not have a job at first when I go to Holland, will that cause a problem with the courts decision? I am fine with the house being sold, would I still have to make mortgage payments on it until it sells? How long from applying for bankruptcy to getting a decision does it take? My partner bought me my car but it is registered in my name, it is only worth about 900 pound, is it illegal to put it back in his name before applying for bankruptcy? I do have more questions but cannot think of them rght now. Many thanks Lesley
Hi lesley j & welcome to the forum I'm sorry to read that your situation is affecting your health. I'm sure you are aware that your post poses many questions. With the level of equity in your property being borderline sufficient to settle things in the UK I would recommend you speak directly to a specialist or alternatively call the freephone number of this site for one to one free advice, as they can both advise and refer you to a specialist if required.A lot will depend on how flexible you are regarding your planned move to Holland.
Being bankrupt does not stop you from leaving the country. As long as the OR can get hold of you in order to conduct the interview, and send out the forms etc that are necessary it will be fine.
If you are not working or seeking work then the OR would probably not allow you to keep the car.
If you stop paying the mortgage the lender will start repossession proceedings and any shortfall as a result of this would go into the bankruptcy.
How long it takes depends on how busy the court is. You can contact your local court and speak to the bankruptcy clerk, they will tell you how long the wait is. You just need to complete the forms and raise the petition money then.
can I move to Holland if I am declared bankrupt?
Posted - 29 July 2008 : 09:15:08
