Brendan Burgess
Founder
- Messages
- 52,116
1 Sell your house and any other property before you go
If you still have a house and a mortgage, they will vest in the Official Receiver and he will have to sort them out with the lender. If you convert the negative equity into a mortgage shortfall, the OR's job will be done quicker and he will have less interest in you. You may even be able to return to Ireland during the period of bankruptcy.
2. Start the process in the UK quickly before a creditor starts it in Ireland
If a creditor begins the bankruptcy process in Ireland, you can't apply in the UK. It's unlikely that an Irish creditor will apply to make you bankrupt, but it could happen if you annoy them sufficiently
Where to go?
2. Steve Thatcher recommends Liverpool in this post
You can live in Newry and apply for bankruptcy in Belfast
3 Minimise your income while you are bankrupt
The Offical Receiver can impose an Income Payments Order on you for up to three years. So if you are earning £60,000 a year, you will have to pay, maybe £30,000 a year for up to three years after bankruptcy. If you are on social welfare or the minimum wage, no such order will be made.
If you still have a house and a mortgage, they will vest in the Official Receiver and he will have to sort them out with the lender. If you convert the negative equity into a mortgage shortfall, the OR's job will be done quicker and he will have less interest in you. You may even be able to return to Ireland during the period of bankruptcy.
2. Start the process in the UK quickly before a creditor starts it in Ireland
If a creditor begins the bankruptcy process in Ireland, you can't apply in the UK. It's unlikely that an Irish creditor will apply to make you bankrupt, but it could happen if you annoy them sufficiently
Where to go?
2. Steve Thatcher recommends Liverpool in this post
You can live in Newry and apply for bankruptcy in Belfast
3 Minimise your income while you are bankrupt
The Offical Receiver can impose an Income Payments Order on you for up to three years. So if you are earning £60,000 a year, you will have to pay, maybe £30,000 a year for up to three years after bankruptcy. If you are on social welfare or the minimum wage, no such order will be made.