So, here goes.
We had it all, two well paid jobs, worked hard, lived well. Then she got unfairly dismissed and labour court backed her, and my business died.
I have a personal liability for a loan of 1 million +. It was a personal loan to buy a commercial building which I rented to a company I formed with my wife. A management buyout. Celtic tiger died and it failed. Bank sold it to vulture funds who appointed a receiver. I gave them the keys at the end of May. Company was wound down and is dormant, no assets except an old 2004 van I am driving.
Family home is in joint names, but in 150k negative equity. We do not have any assets as such. Her car, paid for with her unfair dismissal payout is in her name. My bank account is in overdraft and I am on social welfare. My wife opened a personal account in her name just in case they closed mine and ours. There is no money available to pay anything else and all accounts are empty.
I contacted MABS and they advised bankruptcy. I have put this on the long finger for a while but know I will need to do something.
My understanding is if I file for Bankruptcy, I lose my half of the house and it gets offered to my wife for 5000 euro. I then have to engage with the bankruptcy service and hopefully, in 12 months, I will be discharged.
Is there any extra liabilities if I come into money in 2, 4, 6, 10 years from now?
I HAVE read the stickies, the case studies and the like, but it is a bit overwhelming. I am aware there are some big names here, and hope they could possibly guide me.
Thank you.
Pete
We had it all, two well paid jobs, worked hard, lived well. Then she got unfairly dismissed and labour court backed her, and my business died.
I have a personal liability for a loan of 1 million +. It was a personal loan to buy a commercial building which I rented to a company I formed with my wife. A management buyout. Celtic tiger died and it failed. Bank sold it to vulture funds who appointed a receiver. I gave them the keys at the end of May. Company was wound down and is dormant, no assets except an old 2004 van I am driving.
Family home is in joint names, but in 150k negative equity. We do not have any assets as such. Her car, paid for with her unfair dismissal payout is in her name. My bank account is in overdraft and I am on social welfare. My wife opened a personal account in her name just in case they closed mine and ours. There is no money available to pay anything else and all accounts are empty.
I contacted MABS and they advised bankruptcy. I have put this on the long finger for a while but know I will need to do something.
My understanding is if I file for Bankruptcy, I lose my half of the house and it gets offered to my wife for 5000 euro. I then have to engage with the bankruptcy service and hopefully, in 12 months, I will be discharged.
Is there any extra liabilities if I come into money in 2, 4, 6, 10 years from now?
I HAVE read the stickies, the case studies and the like, but it is a bit overwhelming. I am aware there are some big names here, and hope they could possibly guide me.
Thank you.
Pete