# What are the implications of going bankrupt in the UK?



## apple (12 Jan 2012)

what are the implications of going bankrupt in the Uk, I have read up alot on it and it seems fairly straight forward.

1. move to the uk get a NI number, opening bank account, get a uk mobile number and accomadation
2. fill in 28 page statement of affairs after 3months and 1 day ,you can file for bankruptcy assuming you meet the COMI requirements
3. pay you insolventcy fees to court and insolventcy expert around £1500.
4. pay agreed amount to your debtors for 1 to 3 yrs ( i cant remember 
which)
5. be discharged from your debts within two to 12 months of been declared bankrupt depending on your situation.
6. move back to ireland and rent a house and try and have a life and start again debt free?

I know i have simplifed it abit and i havent inculded the stress, worry and all that goes with life with debt that makes someone go bankrupt. But when you decide to make the decision will it haunt you for the rest of your life or is it all forgotten about 6yrs after your dischagred.
Am i missing something.

thanks for your feedback


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## ClubMan (12 Jan 2012)

apple said:


> what are the implications of going bankrupt in the Uk, I have read up alot on it and it seems fairly straight forward.


Are there not numerous threads on this already?


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## apple (12 Jan 2012)

Hi Clubman

There are and I have read them all and I apprecaite all the advice you and others have giving. I have read so much on it lately my head is fried and thats why im asking is there something im missing. Sorry if it is a stupid question


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## bacchus (12 Jan 2012)

What's about responsabilities and pride?


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## ClubMan (12 Jan 2012)

Sorry - I wasn't implying that it was a stupid question - it just wasn't clear to me that you had read up a lot on it HERE on _askaboutmoney_. And I just thought that the issues had been covered in great detail already in a number of threads - possibly including a key post? But I don't read threads on this matter in any great detail myself to be honest...


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## Steve Thatcher (13 Jan 2012)

apple said:


> what are the implications of going bankrupt in the Uk, I have read up alot on it and it seems fairly straight forward.
> 
> 1. move to the uk get a NI number, opening bank account, get a uk mobile number and accomadation
> 2. fill in 28 page statement of affairs after 3months and 1 day ,you can file for bankruptcy assuming you meet the COMI requirements
> ...


 
Hello Apple

You have simplified the sitaution quite well.
If you have to pay an income payments order it will be for 36 months
You may get released from your bankruptcy from anywhere between 6 and 12 months. It is simplest to assum you will get your automatic discharge on 12 months.
You will need to co-operate woth your trustee, but after he has finished with you there is nothing to stop you returning to Ireland as long as you inform him of change of address.

Steve


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## newlife (13 Jan 2012)

Just wondering, if born in uk but only lived there until four years of age, do you have a Ni number ?


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## apple (13 Jan 2012)

Hi new life

I hope you are doing ok, I have read your previous post and wish you all the best.
As far as I know you get youre uk NI number  if your living in the uk at the age of 15 or 16 something similar to us we're we get our pps number at the age of 16. 
I stand to be correct but I remember reading something before that said 15 or 16


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## newlife (14 Jan 2012)

Hi apple,
Thanks for best wishes, still working on finding out best procedure for moving. Need to save a bit of money in the mean time.
Was born in Uk so thought might have NI number already, can I apply for it from here or do I have to be living there before I can? 
Do you need NI number to apply for job in UK? 
Would be easier if I could look from here and leave my current job when I have found one over there. Does anyone know is that possible?
Also, if I stop paying mortgage while still working here, what happens if I am here for another 3 months and not bankrupt for a further 4 say. What are the consequences with my lender?


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## Steve Thatcher (16 Jan 2012)

newlife said:


> Hi apple,
> Thanks for best wishes, still working on finding out best procedure for moving. Need to save a bit of money in the mean time.
> Was born in Uk so thought might have NI number already, can I apply for it from here or do I have to be living there before I can?
> Do you need NI number to apply for job in UK?
> ...


 
Hi newlife,
I doubt you will have a uk NI number.
To get one you book and arrange an appointment. However you do need an address in the UK to get the NI number so it is really the case of coming here finding accommadation and then applying. You get the number in as little as two weeks.

If you cease paying your mortgage for three months over in the Republic my sense is nothing will happen. if it then takes a further four months whilst here, it doesn't matter as when you go bankrupt the house then belongs to the OR. The OR will liaise with the lender about what happens with the property. You will not be involved, save to the extent that the amount owed will be written off in the bankruptcy.

Steve


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