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| Paul408 |
Posted - 04 February 2010 : 12:06:00
Can you apply for bankruptcy if:
you are laid off from work, and are no longer capable of paying the monthly credit card bills and rent? Then you wish to move abroad to look for work in another country?
thanks |
| 5 L A T E S T R E P L I E S (Newest First) |
| RHB |
Posted - 04 February 2010 : 14:09:11
If you go BR then a sale will be forced on your mortgaged home in all probability. I think you need to be very clear with your ex about what could happen. |
| Richard P |
Posted - 04 February 2010 : 14:01:32
Paul
this could be one of the complex situation that requires guidance from an expert.
If the house is sold at full market value and no fees to pay,(fat chance) you would end up with about 18K, would this be enough to negotiate a settlement with all of your creditors and then be able to avoid BR ? |
| phopp1971 |
Posted - 04 February 2010 : 13:30:05
quote:
Originally posted by Paul408
Can you apply for bankruptcy if:
you are laid off from work, and are no longer capable of paying the monthly credit card bills and rent? Then you wish to move abroad to look for work in another country?
thanks
Thank you for your information.
I have a house which I had with my former wife. I am the sole name on the mortgage. There is a court order in place which states that in the event of a future sale, It is to be split 80 - 20. I am to get 20% due to the fact that I only lived there for a short time, and there are children involved, who are now 17 and 19. I have been chasing a resolution for a number of years,but she has been so un co-operative which has added to my debts due to legal fees. The house is valued at £135000, and my mortgage is currently at £43,000. Do you know where I would stand with this situation?
With regards to relocation fees, I do not plan to take possessions with me, as I have sold most anyway to see me through to date, and the flight will be paid by relatives, under the understanding that I repay them, once I'm relocated and in work.
Thank you again for your info.
Paul |
| gettingoutofdebt |
Posted - 04 February 2010 : 13:01:18
There is no problem with declaring BR in the UK and then moving abroad and this is probably the best way to do it as you will clear all of your debts and have a fresh start.
The OR will probably ask how you are getting the money together to afford the flights, etc. to go abroad so be prepared to have an answer for this. |
| Richard P |
Posted - 04 February 2010 : 12:34:56
absolutley Paul
Deal with one step at a time
a question often asked is when should i go BR ? before i leave the country or after i have found a job overseas.
It all comes down to timing and what you have been offered,
If you leave the country for a period of time, The court will want to establish center of main interest.
I would suggest speaking to Paul @ reviva as he has people in very similar circumstacnes as you, some of which have gone Br then left the country, others have got established overseas then dealt with their affairs
good luck Richard
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