# Living in US, NE apt in Ireland, UK banckrupcy option?



## martyboy (20 Jan 2012)

Steve, and anyone else who can advise, 

I own an apt that was worth 245k when i bought it in 2008. I planned living in it until retirement then selling, but having lived in it for 2 years i met and married an American lady and moved to the USA a year ago. 

I have been renting out the property, but the rent doesnt cover the full mortgage and then i have to pay 1,700euro as a service charge each year. 

I have two things in mind to do, sell the property and get the best price i can and then claim bankruptcy in the UK due to their leniency so that it will be cleared within a year. The other way i may go about it is to hand the keys back and then claim bankruptcy in the UK.

As i say I live and work in the USA now and i pay half the mortgage on the property here with my wife, will the property here be affected if i do either of the above?


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## martyboy (20 Jan 2012)

*moved from uk bankrupcy key post*

MOD EDIT: Moved here from keypost.

What if i am a British passport holder and returning to uk and will stay with my mum. How do i establish a COMI? I mean I will have no rent to pay and no job for a while, how will I go about starting the bankruptcy procedures if I dont have this sort of proof?


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## Commercial (20 Jan 2012)

You won't be able to claim bankruptcy in the UK right now. You need to prove you are living there, and even better that you are working there for at least 6 months prior to seeking bankruptcy.
It is not that simple and the courts are getting wise to Irish Residents going up North to claim bankruptcy. In some cases they are looking to get the bankruptcy rescinded.
In the North their workload is increasing substantially by Irish residents claiming bankruptcy up there. The trend will not be allowed to continue in my opinion


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## Bronte (20 Jan 2012)

Martyboy, you cannot sell if you are in negative equity unless your bank agrees.  If they let you sell and converted the negative equity into a loan with the same interest rate as the mortgage could you service that debt?  You could try and negotiate that with the bank, the fact you are in the US will work in your favour.

Why are you talking about UK bankrutpcy when you are in the US, can you not find out if you can do it in the US.  Surely you are not planning to move from the US to the UK just for this?


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## ajapale (20 Jan 2012)

Question split from UK Bankrupcy and outstanding Irish courtorders thread.

Please dont hijack threads

aj
mod


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## martyboy (21 Jan 2012)

Bronte

Thanks for the advice re selling and paying off the debt as a loan, plus the fact I am living stateside may help them negotiate with me as you say. Yeah I will look into the laws here re bankruptcy.


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## Time (21 Jan 2012)

Look up chapter 13.


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## oldnick (22 Jan 2012)

OP bought a property which he is presently letting. The rent pays much but not  the "full mortgage and service charges ".  No different then from most people who did the same in the last decade.  But better than many because OP has a job.

A few years after  buying the property in Ireland he decided to buy one in USA (or to pay half the mortgage on one) which he wants to keep.

My goodness, I must look at some of my debts which really are a bit of a drag - and if the bank doesn't do a deal on them I'll jump on this bankruptcy bandwagon.


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## so-crates (22 Jan 2012)

oldnick said:


> OP bought a property which he is presently letting. The rent pays much but not  the "full mortgage and service charges ".  No different then from most people who did the same in the last decade.  But better than many because OP has a job.
> 
> A few years after  buying the property in Ireland he decided to buy one in USA (or to pay half the mortgage on one) which he wants to keep.
> 
> My goodness, I must look at some of my debts which really are a bit of a drag - and if the bank doesn't do a deal on them I'll jump on this bankruptcy bandwagon.



+1

OP. It doesn't sound like you are actually bankrupt, just disinclined to pay back the money you knowingly borrowed.


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## ajapale (22 Jan 2012)

martyboy said:


> What if i am a British passport holder and returning to uk and will stay  with my mum. How do i establish a COMI? I mean I will have no rent to  pay and no job for a while, how will I go about starting the bankruptcy  procedures if I dont have this sort of proof?



Marty,

I moved this post here from the key post section.

aj
mod


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## Swyper (22 Jan 2012)

martyboy said:


> Steve, and anyone else who can advise,
> 
> I own an apt that was worth 245k when i bought it in 2008. I planned living in it until retirement then selling, but having lived in it for 2 years i met and married an American lady and moved to the USA a year ago.
> 
> ...



You're not actually bankrupt, are you? You just want someone else to pick up the tab for your mistakes.


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## oldnick (22 Jan 2012)

And the odd thing is he hasn't really made that much of a mistake.
He'll be short of a few grand each year, but he'll steadily decrease the mortgage and will eventually own a property. It's possible that in a few years the rent may even equal the payments.


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