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LJW1981
Starting Member
United Kingdom
3 Posts |
 Posted - 27 September 2010 : 14:56:10
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Hello Everybody.
I have been struggling financially for almost 3 years. I am in an industry that pays well, but through my own fault I am now in one giant mess with loans and credit cards.
I have been working in Norway for the last five years. I now have a girlfriend over here and it looks more and more likely that i will eventually settle here. The problem is that i lost my job 4 months ago due to my contract coming to an end. The industry that i work in is still recovering form the financial crisis and i am finding it very difficult to find a new job. I was just managing to pay the bills before this, so now it is impossible. I have managed to cut my mortgage payments so that i am paying interest only, but this is still a lot of money and doesnt make much difference to my situation. The credit card companies just dont seem to want to know.
I never thought i would have to say this, but i am now really considering going bankrupt. I just cant see any way for me getting out of this mess, and it is really starting to effect my personal life.
I have read on many forums that if I go bankrupt in the UK, then this will not effect my credit in Norway, where i have no debt at all.
So is it my best option to go bankrupt in the UK and have a new start over here in Norway?
Thanks in advance
Lee
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 27 September 2010 : 18:25:09
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| If you left the UK over 3 years ago then you are not able to declare BR in the UK so would need to declare BR in Norway if you decided BR was the right option for you. |
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LJW1981
Starting Member
United Kingdom
3 Posts |
Posted - 27 September 2010 : 21:31:29
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Thanks for your reply.
I have not been living full time in Norway. I am still a UK resident and have only been in Norway for work. I have been travelling home every second weekend While i have been in Norway, plus i have had a couple of short spells working back in the UK during this time. Does this make any difference? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 27 September 2010 : 22:52:48
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You are in a complicated place because I believe that technically you may not be resident in the UK as you have been living and working away from the UK.
To petition for Br you need to have lived in the UK or have left the Uk within the last 3 years AND not be living in the EU.
if however you were to permenantly move back to the UK then you would be eligible
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 28 September 2010 : 00:44:15
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Lee,
the following is an extract from the technical manual that OR's use:
As this country is not in the EU(Norway), the court was able to make a bankruptcy order against the debtor under the Insolvency Act 1986 which states that a petition can be presented against a debtor if he or she “at any time in the period of 3 years ending with [the day of the presentation of the petition] has been ordinarily resident, or has had a place of residence in England and Wales”.
This relates to countries outside the EU, therefore it would seem you might be able to apply for bankruptcy, but I believe that it will have to be at the High courts of Justice in London. But note that it says a petition presented against someone (known as a creditors petition), it may be different with a debtors petition(i.e making yourself bankrupt), I think you're going to have to speak to an IP to get a clear answer.
Big Al |
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LJW1981
Starting Member
United Kingdom
3 Posts |
Posted - 28 September 2010 : 02:07:22
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Thanks everybody. I will look into this further.
Regards
Lee |
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Is bankruptcy the best option for me?
