# Judgements pre bankruptcy



## carraigrua (25 Apr 2013)

Is it possible to file for bankruptcy in the UK if you already have a judgement? This is regarding a judgement on the residual debt of a property being sold (in negative equity).

Is it best to voluntarily hand back the negative equity property to the bank rather than trying to sell it ... and then go to the UK to file for bankruptcy?


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## Bronte (26 Apr 2013)

carraigrua said:


> Is it best to voluntarily hand back the negative equity property to the bank rather than trying to sell it ... and then go to the UK to file for bankruptcy?


 
The UK bankruptcy expert who posts on here Steve Thatcher says it is better to get rid of the property first but it's not absolutely necessary.  It's probably faster and easier to sell it yourself and then go.  You need about 5K to hire an expert in the UK to bring you through the process.  They even apparently have a service to meet you off the plane now.  I would advise anyone who can to go the UK route rather than via Irish insolvency as that seems so far to be very complex, long term and penal.


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## Steve Thatcher (8 May 2013)

carraigrua said:


> Is it possible to file for bankruptcy in the UK if you already have a judgement? This is regarding a judgement on the residual debt of a property being sold (in negative equity).
> 
> It certainly is and the judgment will be written off
> 
> Is it best to voluntarily hand back the negative equity property to the bank rather than trying to sell it ... and then go to the UK to file for bankruptcy?



I try to get client's to do this but only so the OR has much less to do and that means much less contact time with the bankrupt. It is not essential as when you go bankrupt the property will vest in the OR. He has decisions to make over the property at that point. By handing the property back you do two things 1) show you have no connection to ireland which is good cor COMI purposes and 2) keep the OR out of matters

Steve Thatcher
www.helpwithdebtuk.com


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