Brokeashell
Registered User
- Messages
- 11
Any help at all would be appreciated as I am at my wits end with this.
Basically I am totally insolvent. My income has fallen from over €150,000 to just €20,000 due to the failure of my business. I am in overall negative equity of €1.25m on various properties (the worst one is a failed pub which is almost unsaleable & has €900k owing on it). My wife is NOT on any of these loans however she is a joint borrow on our home mortgage of €350,000 however the value of this property is now less than €300,000 & her income is approx €40k.
As you will appreciate from above I will never be able to deal with €1.25m negative equity on an income of €20k so I don't see what else I can do bar go bankrupt?
If we establish that this is the road I have to go I then have the following questions:
* If I move to the UK-what do I do then? If I cant get a job am I entitled to welfare?
* If I am unemployed how can I show the UK as my centre of main interest?
* I have been advised to sell all my properties (fire sale) prior to going to The UK to bring the losses to a head- will the bank consent to this? Can I sell them without their consent or knowledge?
* I can borrow approx €20k from parents to get myself established in the UK but how will a bankruptcy court view that in 3-6 months time- that I used this money to live on rather giving it to the banks here?
* How will our family home be treated when I try to go bankrupt?
I am really sorry for all the questions but I am so confused right now.
Basically I am totally insolvent. My income has fallen from over €150,000 to just €20,000 due to the failure of my business. I am in overall negative equity of €1.25m on various properties (the worst one is a failed pub which is almost unsaleable & has €900k owing on it). My wife is NOT on any of these loans however she is a joint borrow on our home mortgage of €350,000 however the value of this property is now less than €300,000 & her income is approx €40k.
As you will appreciate from above I will never be able to deal with €1.25m negative equity on an income of €20k so I don't see what else I can do bar go bankrupt?
If we establish that this is the road I have to go I then have the following questions:
* If I move to the UK-what do I do then? If I cant get a job am I entitled to welfare?
* If I am unemployed how can I show the UK as my centre of main interest?
* I have been advised to sell all my properties (fire sale) prior to going to The UK to bring the losses to a head- will the bank consent to this? Can I sell them without their consent or knowledge?
* I can borrow approx €20k from parents to get myself established in the UK but how will a bankruptcy court view that in 3-6 months time- that I used this money to live on rather giving it to the banks here?
* How will our family home be treated when I try to go bankrupt?
I am really sorry for all the questions but I am so confused right now.