H
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Guest
Hi,
I am one of the non nationals (NON EU) bought an expensive property in the boom time. Initial mortgage was EUR 800000/- with monthly repayments around 3800/pm. I was up to date with my payments till April 2011 but since then, I lost my regular business (I am getting part time work now and then since April 2011) and went through the process of downgrading by moving to smaller house and rented my that big house for 2000/pm. I am paying around 1700/pm to bank since then and also paid the rest of the amount as service charges and minor repairs and estate agent's management fees.
Unfortunately, from 1st January 2012, the tenants moved out and I am unable to rent it out till now.
I also have to pay monthly instalment of around 1000/pm on another loan of EUR 200000 overseas.
I am a director of a company with some savings and at the moment I am drawing my monthly salary from that as there is no work for me here but the company accounts are depleting fast.
My question is, that as I am non Irish and although I contributed to almost EUR 700000/- as Tax in last 10 years, but I am finding it impossible to sustain and survive here and then being able to re-pay my mortgage here and debts overseas..
What are my options??
1. Can I declare my self bankrupt here and then move back to my parent country (Non EU)?
2. Can I just hand back the keys of the house to the bank and inform them that I am going back to my country?
3. Should I just pack the bags and fly away?
4. During the bankruptcy procedure or repossession process, do i have to be physically here as practically I may be thousands of miles away?
5. If I declare myself bankrupt, whats going to happen to the savings into the company account as I am one of the directors.
I'll appreciate your advices and opinions as I think time and money is running out for me fast and I want to sort it out in a legal and amicable way.
Thanks
I am one of the non nationals (NON EU) bought an expensive property in the boom time. Initial mortgage was EUR 800000/- with monthly repayments around 3800/pm. I was up to date with my payments till April 2011 but since then, I lost my regular business (I am getting part time work now and then since April 2011) and went through the process of downgrading by moving to smaller house and rented my that big house for 2000/pm. I am paying around 1700/pm to bank since then and also paid the rest of the amount as service charges and minor repairs and estate agent's management fees.
Unfortunately, from 1st January 2012, the tenants moved out and I am unable to rent it out till now.
I also have to pay monthly instalment of around 1000/pm on another loan of EUR 200000 overseas.
I am a director of a company with some savings and at the moment I am drawing my monthly salary from that as there is no work for me here but the company accounts are depleting fast.
My question is, that as I am non Irish and although I contributed to almost EUR 700000/- as Tax in last 10 years, but I am finding it impossible to sustain and survive here and then being able to re-pay my mortgage here and debts overseas..
What are my options??
1. Can I declare my self bankrupt here and then move back to my parent country (Non EU)?
2. Can I just hand back the keys of the house to the bank and inform them that I am going back to my country?
3. Should I just pack the bags and fly away?
4. During the bankruptcy procedure or repossession process, do i have to be physically here as practically I may be thousands of miles away?
5. If I declare myself bankrupt, whats going to happen to the savings into the company account as I am one of the directors.
I'll appreciate your advices and opinions as I think time and money is running out for me fast and I want to sort it out in a legal and amicable way.
Thanks