Long term consequences of bankruptcy

[fisher]

I saw a thread started on this yesterday but it disappeared.
I am interested in it too.

1) Assuming you go to the UK, after the 12 month period, how long exactly is bankruptcy on your file (in Ireland) and therefore affecting your chances of getting credit? I've heard 7 years? Is that period set in stone or can it vary?

2) Can you get credit from some institutions in Ireland in this time period? If so which ones? Does it vary according to your personal circumstances?
Is there a cap on the amount you can get regardless of your wages?

3) After this time period it is supposed to be wiped from your file. Does this happen in practice (in Ireland) or will a bank still know you were bankrupt even if they are not supposed to take it into account anymore?

4) Can your spouse's chances of getting credit be affected?
Even if technically it shouldn't, could the bank find out your spouse was bankrupt where it could inadvertitly affect their decision about giving your spouse credit?

All questions above are related to your credit situation in Ireland rather than the UK.

 

[Ireland.1]

Hi Fisher

I don't know the full ins' and outs' of bankruptcy but it is a route my husband and myself have looked into.

Two things that stuck out at us at the time: you cannot work in the civil service and you cannot access EU funding if you become bankrupt.

You will not be able to access credit.

 

[Steve Thatcher]

I saw a thread started on this yesterday but it disappeared.
I am interested in it too.

1) Assuming you go to the UK, after the 12 month period, how long exactly is bankruptcy on your file (in Ireland) and therefore affecting your chances of getting credit? I've heard 7 years? Is that period set in stone or can it vary?

The bankruptcy appears on your credit file for 6 years

2) Can you get credit from some institutions in Ireland in this time period? If so which ones? Does it vary according to your personal circumstances?
Is there a cap on the amount you can get regardless of your wages?

After your bankruptcy has concluded (12 monthts) there is nothing at all to stop
you applying for credit. You may be suitable for some lender's criteria, but you will pay additional interest due to your history. Bearing in mind what is coming down the road for most of Ireland I can see plenty of lenders willing to lend to someone debt free even with a bankruptcy mark against their name.

3) After this time period it is supposed to be wiped from your file. Does this happen in practice (in Ireland) or will a bank still know you were bankrupt even if they are not supposed to take it into account anymore?

If it disappears from your file, they could still ask if you were ever bankrupt.

4) Can your spouse's chances of getting credit be affected?
Even if technically it shouldn't, could the bank find out your spouse was bankrupt where it could inadvertitly affect their decision about giving your spouse credit?
It should have no effect on a spouce's application for credit

All questions above are related to your credit situation in Ireland rather than the UK.

I hope the above help

Steve Thatcher
Www.helpwithdebtuk.com

 

[Steve Thatcher]

Hi Fisher

I don't know the full ins' and outs' of bankruptcy but it is a route my husband and myself have looked into.

Two things that stuck out at us at the time: you cannot work in the civil service and you cannot access EU funding if you become bankrupt.

You will not be able to access credit.

Hello Ireland.1, I'm interested in the point about not being able to work for the civil service, is there some link for this as I would be interested in following this up. It seems very unfair

Steve Thatcher
Www.helpwithdebtuk.com

 

[frostie]

I think they mean serving as a public rep or as a police officer/Garda for example.

Hello Ireland.1, I'm interested in the point about not being able to work for the civil service, is there some link for this as I would be interested in following this up. It seems very unfair

Steve Thatcher
[broken link removed]