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| rune |
Posted - 26 February 2012 : 20:53:59
Hello,
I have a debt of about £35K from a bad house purchase. I have been paying regularly for 10 years but cannot get out from under this debt, even though my wife and I both work, and we cannot buy a house. This is not her debt, but we are struggling to make ends meet. We have two children.
We have been thinking about moving to the UK to start over. We both want to continue working, and I have a business plan that I would like to develop.
Because I am Danish, I cannot declare bankruptcy, as this is not done in Denmark.
We wondered if we would be able to declare bankruptcy in the UK on our Danish debt?
Any advice appreciated. Thank you.
Rune |
| 2 L A T E S T R E P L I E S (Newest First) |
| rune |
Posted - 26 February 2012 : 23:54:22
Thank you for your response.
We only have one creditor, which is the bank that holds the mortgage. I have been paying this off for 10 years and have no assets.
Denmark likes to have their own rules. When you cannot pay something, it goes to the tax office, and any income goes towards paying off the debt until it is clear.
There is no "clean slate". We are suffocating and cannot move forward. We would like to move to the UK to pay less in rent and have more personal freedome. If we can declare bankruptcy as a part of that, it would be a new start for our lives.
Rune |
| debtinfo |
Posted - 26 February 2012 : 21:35:33
Hi Rune,
Denmark is a special case (im not sure what they actually internally do in denmark or why, perhaps you can enlighten us)as it negotiated an exemption from the EC regulations on insolvency.
Generally the EC countries automatically uphold bankruptcy decisions made in other EC countries, but not in denmark and they are treated like a non EU country in this respect.
first things first, if you come and like in the UK and stay for the foreseable future then after 6 months you would be allowed to go bankrupt here. Bankruptcy in the UK nominally applies to all debts and all assets worldwide BUT for this to be enforced in countries outside the EU (or denmark) then the trustee of the bankruptcy would have to convince a court in that country to uphold that bankruptcy. Often courts in these other countries may do so or they may make sure that debts in their country get paid first from assets in their own country, or they may just not uphold it at all.
What this means for you is that if you went bankrupt here, as a minimum it would stop any danish creditors going after any future assets that you build up here or in other EU countries, what it cant(automatically without the danish courts agreeing do is stop danish creditors going after assets in denmark, so effectively you may never be able to go back to denmark without facing your creditors there |
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