# Go bankrupt??



## georgeeeee (13 Aug 2012)

Hi I would be grateful of some advise on what direction to take..  I have a masonette house which cost me 150 thousand and is now valued at 50000, I can no longer live there because i have epilepsy and the steps up are not suitable.  I cant no longer pay the mortgage as I have 3 children and am just getting by with the 188 euro I get weekly from disability benefit..  

I am concidering moving to the uk for a year and going bankrupt there, but am worried I would not be entitled to any benefit when I returned..  Living in the UK for life is not an option as I have children here that I could not stay away from for two long a period..  Can anyone advise me on the Irish bankruptcy rioute maybe this would be more suitable.  Any advise r opionions are welcome..  Many thanks in advance George


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## GDUFFY (14 Aug 2012)

If the house is not suitable any more , you should just surrender it back to the bank and go rent something more suitable for you and your family to live in . 
The bank will huff and puff and eventually sell it off at auction and get a judgment against you for the balance, if your only income is social welfare and you have no other assets or savings they haven't a hope of getting any court ordered payment against you . If your called to court to have your means examined, just be honest and open to the judge about your financial situation and he / she will protect you from the bank . The judgment becomes unenforceable after 12 years  .


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## Bronte (14 Aug 2012)

As Gduffy posted there is no need for you to go the UK route.  If you have no assets and income is only social welfare it's better to get the bank to take back the property.

As your illness precludes you from living in that house then move you must.  Any chance social welfare would be able to pay for the steps to be rectified or the health board?  There may be a grant for this. Presumably social welfare are paying for your mortgage, so the mortgage is not the problem ?


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## georgeeeee (14 Aug 2012)

I haven't paid my mortgage in 12 months, social welfare cant pay my mortgage not that I know off..  I had been getting mortgage interest supplement but that has run out.  

If I stay in Ireland and go bankrupt my concern is in the future I will inherit a site will the banks take that off me..  Seems like a long time to be followed for bankruptcy..  

I do not live with my ex-wife we separated a few years ago but I am still Very close to my children and would like to be able to leave them something when I go that why sometimes I think I would be best to go bankrupt in the UK...  

Thanks guys for taking the time to give me advise it seems I have nowhere to find the info I need to take the best possible rouite so as I can have something to give my children at a later date.


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## GDUFFY (14 Aug 2012)

You don't need to go Bankrupt here or in England . Tell the person who is going to will you a site to will it to your kids instead .Only problem I can see is if you rent another house after surrendering your home  you may have to pay the rent yourself for 6 months so you then qualify to apply for rent supplement . Maybe someone else knows more about this.

When the bank gets a judgment against you in court for the balance between the amount they sell the property for and the outstanding owed on your mortgage, the bank will then have a few avenues open to them to recover the judgment amount, more than likely they will ask for your income ,assets etc to be assessed by a judge , but from what you say you have no wealth/assets  and an income from social welfare only so the judge will tell the bank tough luck !  

The judgment will sit on your name for 12 years accruing 8% interest per year , if in that time the bank becomes aware you have won the lotto, inherited a house/land/money
got a well paying job etc. etc.
they may try get you reassessed by a judge to get their money back .
The judgment becomes void after 12 years from the original judgment date and you are free from it at that stage.


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## georgeeeee (14 Aug 2012)

Cheers GDUFFY for all the info... In an ideal word I am hoping to get the go ahead to drive get work etc when I am a year seizure free which wont be to next February..  

I really want to get back into work etc when this happens will they take most of my salary..

Thanks George


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