NI bankruptcy

But the statute only applies if there is no contact between both parties, if the OP stops all contact and goes into hiding what is to stop the bailifs or the sherrif turning up in 5 years time looking for 200k?
 
Theoretically nothing. However in practical terms, financial institution tend to move on. i.e. they will pursue the outstanding debt as far as practical. They will not progress to legal where they see no realistic hope of recovery. After that the debt is written off and they move on to other cases. The sheriff will only act on a Court judgement and will not continually chase a debtor whre no assets are evident.
 
But that is all good in theory, but in practice the deptor has this hanging over his or her head untill it is officially resolved. So is it going to be the case that the people in this situation, huge NE, no assets and on the standard wage, are just going to be left to their own devices, to throw the threatening letters in the bin and wait for the knock at the door, while the solicitor in his palatial home gets all the help he needs. These people are probably the norm when it comes to insolvency cases.
 
I met with a PIP, and the only definite means to a sure and final end seems to be bankruptcy, my earning are less than the threshold im "allowed" in either PI or bankruptcy. I cannot meet any payments in any PI agreement so thats a non runner, I could sit and do nothing but between the house, credit union and the smaller unsecured debts i would surely expect a couple of court appearances over a period of time which means it will drag on more and more.

There is no way to resolve it that is in anyway even relatively easy or straightforward from what i can see, I must be a lot worse off than most people heading to the UK as nothing is surer than me not even being able to consider paying the fees involved in the specialist bankruptcy solicitors
 
Hi Defeated,

Have you had an opportunity to talk it over with your ex yet? It is good that you are now open to considering going to Britain rather than the North. Have you any contacts or friends over there? Even if they weren't close it would be easier to arrange to go to a city where you have some prior contact. Same things apply, you need to find out the work opportunities and the cost of accommodation so you can estimate a moving fund you need to have in place.
 
so-crates said:
Hi Defeated,

Have you had an opportunity to talk it over with your ex yet? It is good that you are now open to considering going to Britain rather than the North. Have you any contacts or friends over there? Even if they weren't close it would be easier to arrange to go to a city where you have some prior contact. Same things apply, you need to find out the work opportunities and the cost of accommodation so you can estimate a moving fund you need to have in place.
Click to expand...

I have possibly the only family in ireland which has nobody abroad lol, bar a couple of football matches there is not many places ive even been to in the uk.

Where would people tend to recommend heading for???
 
I have some questions if anybody can answer, just stuff going through my head really.

Can i come home to visit the kids regularly (if funds available) from the UK.

I presume i would not be entitled to any benefits or rent help in the UK till i got on my feet/if i ran out of money while there?

I have spoken to my ex partner over the weekend and i think she is going to go for bankruptcy rather than doing nothing here in ireland, Is it possible that i can file for bankruptcy in the UK and my ex do so in this country??
 
There is a thread ' where is the best place to declare bankruptcy'

Steve Thatcher, who specialises in UK bankruptcy should reply to any questions you have.
Alternatively, contact him directly by searching for him here.

Best of luck
 
Luternau said:
There is a thread ' where is the best place to declare bankruptcy'

Steve Thatcher, who specialises in UK bankruptcy should reply to any questions you have.
Alternatively, contact him directly by searching for him here.

Best of luck
Click to expand...

Highly doubtful i will be going with steve or any other specialist due to money and the lack of it, thanks for the reply though.
 
On the children quiery, I have heard that any trips back to Ireland should be paid for in cash and not with a UK bank card as the UK is supposed to be your COMI and showing too many trips back home could bring this into question, but having said this there is no reason to think that you are stuck in the UK unable to return for 18 months. I've added this, might give you some help. http://www.bankruptcyadvisoryservice.co.uk/debt-and-bankruptcy-guide.php
 
Defeated said:
Highly doubtful i will be going with steve or any other specialist due to money and the lack of it, thanks for the reply though.
Click to expand...

He will answer your questions asked here-no fee! Keep the head/chin up-you will get through this.
 
Defeated said:
I have possibly the only family in ireland which has nobody abroad lol, bar a couple of football matches there is not many places ive even been to in the uk.

Where would people tend to recommend heading for???
Click to expand...

Hard to say without knowing what works best for you. Have a look at the thread that Steve started regarding the best places to go bankrupt in the UK. Other than that I would suggest perhaps looking first at areas where there is an established Irish community as that would give you the support of Irish centres which are experienced with helping people settle in (and with that I mean practical advice and direction as well as a potential social scene, human sympathy is important when you are alone and far from loved ones). So Manchester, Liverpool, north London etc. In fact - get in contact with them beforehand. Find out as much as you can before you go and it will mean you have a contact in the UK when you land ... even if it isn't one where you could crash on the sofa!

Again look at the things you need first, accommmodation and a job. How expensive is the first and how available is the second. As you are (I think) planning to sell your car, look at the local public transport too. On the whole, having spent quite a bit of time in the UK, public transport is very good - much better than you'd believe if you only listened to English people :) It can be expensive though, intercity train fares are generally much higher than here unless you can book in advance and the London Tube is very expensive if you don't get yourself an Oyster card immediately. One other thing to watch out for is whether the price for accommodation is quoted per week or per month, London it is generally per week!

Defeated said:
I have some questions if anybody can answer, just stuff going through my head really.

Can i come home to visit the kids regularly (if funds available) from the UK.

I presume i would not be entitled to any benefits or rent help in the UK till i got on my feet/if i ran out of money while there?

I have spoken to my ex partner over the weekend and i think she is going to go for bankruptcy rather than doing nothing here in ireland, Is it possible that i can file for bankruptcy in the UK and my ex do so in this country??
Click to expand...
Yes, you can come home to visit your kids, however given the restrictions on credit etc. when you go bankrupt travelling might become more onerous to arrange (ever tried paying cash for a RyanAir flight?) I am not sure if you can do this but it might be worth booking a set of flights in advance of going say one weekend every three months to come home to visit them. It might not be as frequent as you would like but you'd have them to look forward to. And with the ease of travel between the UK and Ireland travelling back once every three months to connect with your children shouldn't seem unreasonable. The other thing to consider is that your first task is to establish COMI, that will take a few months, then you apply for bankruptcy.

Insofar as I understand it, if you are entitled to job benefits here you are entitled to job benefits there, I am no expert in the matter so I would ask more questions if I were you - particularly given you have been self-employed. Being bankrupt is not criminal and you shouldn't think of it that way. Yes you are reneging on debts that you contracted but you are doing so because it is impossible for you to pay them off, you are not attempting to profit at anyone's expense. While it is not a preferable route to take sometimes there is simply no other option and you have to make the best of it. It is simply an orderly process to unwind a difficult and intractable financial position. You are still entitled to earn and live but you have to comply with restrictions (particularly around credit). This isn't Dickensian London with the Debtors prison looming large and you are not Mr Dorrit, locked in for a debt he has no hope of paying.

You and your ex-partner can apply for bankruptcy in separate jurisdictions as far as I am aware anyway.

Defeated said:
Highly doubtful i will be going with steve or any other specialist due to money and the lack of it, thanks for the reply though.
Click to expand...
As Luternau has said, Steve Thatcher is very good about responding to questions about bankruptcy on this forum so no harm in asking a question - if you don't try, you never know. The worst anyone can do if you ask a question is say no. But most times people will answer if you ask.
 
I still think you need to re-consider this decision. Given your financial circumstances you will gain nothing from bankruptcy and the associated costs will be considerable. As I stated previously, the worst any creditor can do against you is to take out a jugement, which will give them zilch given your financial position.
I do know what I'm talking about as I have plenty of experience in the debt recovery area , so you would be well advised to seek further advise before embarking on a course of action that appears to be totally unnecessary!!
 
But Brendan what about his future, he cannot rebuild himself or acquire anything because they can possibly take it off him at any stage? Isn't this the reason why people bother to do a bankruptcy at all??
 
Statute of limitations, means that debt becomes unenforceable after 6 years. However, as I also mentioned prebviously, banks do not trawl ongoing in respect of debts written off. Mainly bankruptcy is for those with a lot of assets and liabilities. Most of us normal folk will never need to consider it as an option!!
 
Thank you very much for all the replies lads/ladies :)

I wont go into too much detail but myself and my ex have met the PIP that my friend put me in contact with, we have both signed over the right for him to deal with the mortgage company as a last roll of the dice, after speaking with him on my own last week he contacted a couple of solicitors and is setting up a meeting with the mortgage company.

I wont go into anymore details just yet but i will update during the week maybe towards the end of the week when i know more.

Maybe not so Defeated just yet @44 Brendan we are trying similar to what you mentioned :)
 
Brendan,I have always been unclear about that, 6 years from when exactly, and what Behavior on either side can trigger a fresh six years starting??? It will soon be six years since 2008 but I don't expect to hear anyone pleading an expiration of the statute??? Am I missing something that everyone else is getting??
 
The statute of limitations for a simple contract dept begins from the 'cause of action' a given point in the agreement, ie when court action to recover can begin,ie after 2 payments missed. It runs for 6 years in this case, but 12 in the case of mortgage shortfall. A dept becomes statute barred if the creditor has not gone to the courts for recovery within that time, if no payments have been made or if no letters have been sent to the creditor admitting liability for the dept.
The problem seems to arise (when simply avoiding the creditors) if the creditor goes for judgement, this could mean that the time limits will not apply.
 
You must log in or register to reply here.
Back
Top