Steve Thatcher
Registered User
- Messages
- 482
My firm advice is that all property is returned to the bank prior to the bankruptcy, usually in conjunction with advising the bank where you are now living.
* How will our family home be treated when I try to go bankrupt?
It will vest in the OR. Again it depends on who owns it, who is on the mortgage, and who is going bankrupt. Generally if both own and go bankrupt, it vests in the OR and if it is in negative equity he will disclaim it or simply hand it back to the bank. You will not be liable to repay any shortfall it will be written off in the bankruptcy
Hi Steve - thank you for your extensive information. If I do decide to take the plunge I will certainly be using your services as the information you have provided is very clear and is explained very simply ( a sure sign that someone knows what they are talking about!!).
I have just a few more questions:
1. My home is in negative equity by between €75k-50k and is a joint mortgage with my wife (who won't be going bankrupt). I have been told that my wife can take over the property from OR for a nominal sum as it does not have any equity which can be used to pay creditors- is this true?
Yes as she is joint and severally liable she would continue to owe the mortgage anyway. She would be able to buy your interest from the OR
2. If I moved to The UK & secured employment can I legitimately send home some money to help my wife look after our kids- will this be allowed as "living expenses" when I come to applying for bankruptcy? Or must I appear to sever all ties with my family & Ireland?
No, you can only provide for the family that live with you. My gentlemen often 'separate' from their wives
3. I have been offered voluntary surrender of some of my properties by the lender- but they want me to sign to accept full judgement for the full amount of the loan- should I do this? I lose control of the sale & potentially end up with a larger judgement than is necessary? Does this matter when I will most likely go bankrupt anyway?
It doesn't matter. whatever way you decide to go, the amount will be written off
4. There is a chance that I will offered a position in the UK this week with a salary of €25k- is this too much? Can I claim my own living expenses & a portion towards my kids in Ireland or just my own living exps in UK.
For a single man living alone it may be too much depending on whether you run a car you need for work, fund a pension and where you live. I have sheets which help explain this
5. Where are u based in The UK- I should really take a trip to see u I think?
I am based in leicester. I am always in Dublin, London or Manchester/Liverpool
I am really sorry for all the queries but I never thought I would be in this situation and now that I am nearing my final decision it is all the "small" hings which matter.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?