Steve Thatcher
Registered User
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Brendan has asked me to post up some case studies of people who have gone bankrupt in England.
For obvious reasons I am not using names.
Study 1
H and W from Dublin with a young child.
H loses job and the property bought at the height of boom, can't be afforded.
W has relations in Wales.
They decide that pressure is too much and so hand back keys and move to Wales in October 2009.
They have negative equity of €250,000.
They cannot get work in Wales. They live with family.
They both go bankrupt in March 2010. It all goes smoothly.
10 months after they went bankrupt they move back to Dublin, find work and rent.
Both now discharged and very happy.
Study 2
Single man from Cork.
No ties but family in town outside London.
He has €400,000 from a failed series of businesses taken down by the recession.
No job and no prospect of paying it off.
He moves to his relatives in May 2010.
He goes bankrupt in September 2010. He has a quick interview with his OR and then hears nothing from him again.
He cannot get work here but he is out of bankruptcy automatically in September 2011.
He went back home in July 2011
Study 3
Debtor and fiance.
Investment property and family home debt to the value of €500,000.
They spend all their savings trying to save their investment. It fails as the money is simply thrown into an endless pit. They exhaust their savings and have no choice but to move to UK.
They re-locate to Liverpool and he gets work in July 2011.
After four months he makes his application to court. His bankruptcy is approved in November 2011.
He has spoken to the Official receiver once and has heard no more from him.
He is still working and he will be discharged in November 2012.
At the other end of the scale I have had clients who have had bankruptcies approved for in excess of €50m. They to are having no hassle and will be discharged by December.
I hope this shows the type of people going bankrupt and that it is not just for the rich and super rich.
Steve
For obvious reasons I am not using names.
Study 1
H and W from Dublin with a young child.
H loses job and the property bought at the height of boom, can't be afforded.
W has relations in Wales.
They decide that pressure is too much and so hand back keys and move to Wales in October 2009.
They have negative equity of €250,000.
They cannot get work in Wales. They live with family.
They both go bankrupt in March 2010. It all goes smoothly.
10 months after they went bankrupt they move back to Dublin, find work and rent.
Both now discharged and very happy.
Study 2
Single man from Cork.
No ties but family in town outside London.
He has €400,000 from a failed series of businesses taken down by the recession.
No job and no prospect of paying it off.
He moves to his relatives in May 2010.
He goes bankrupt in September 2010. He has a quick interview with his OR and then hears nothing from him again.
He cannot get work here but he is out of bankruptcy automatically in September 2011.
He went back home in July 2011
Study 3
Debtor and fiance.
Investment property and family home debt to the value of €500,000.
They spend all their savings trying to save their investment. It fails as the money is simply thrown into an endless pit. They exhaust their savings and have no choice but to move to UK.
They re-locate to Liverpool and he gets work in July 2011.
After four months he makes his application to court. His bankruptcy is approved in November 2011.
He has spoken to the Official receiver once and has heard no more from him.
He is still working and he will be discharged in November 2012.
At the other end of the scale I have had clients who have had bankruptcies approved for in excess of €50m. They to are having no hassle and will be discharged by December.
I hope this shows the type of people going bankrupt and that it is not just for the rich and super rich.
Steve