I have debts of over €750K and am considering UK bankruptcy. These debts are business debts, as I ran a business under my own name, and 2 mortgages which are both underwater. I've done some research and am willing to ship the whole family to Britain and start again. I'm 50 years old, and my three kids are under 10 so this isn't something I've considered lightly, as employment prospects obviously won't be as good as they would be for someone half my age.
My father recently died and I will soon come into an inheritance of about €25K and was curious to see if anyone knows how this will be handled. Obviously I would like to hold onto this money as a safety net in case employment is difficult to find. Some of this money will be used to pay for the bankruptcy.
Can somebody tell me how this money is considered with regard to bankruptcy.
My father recently died and I will soon come into an inheritance of about €25K and was curious to see if anyone knows how this will be handled. Obviously I would like to hold onto this money as a safety net in case employment is difficult to find. Some of this money will be used to pay for the bankruptcy.
Can somebody tell me how this money is considered with regard to bankruptcy.