Hi there,
Longtime reader first time poster!
I want to move to the UK to declare bankruptcy and I am looking for some advice on my situation.
My friend and I bought a property back in 2007 with a 320,000 100% mortgage with the aim of owning it for a couple of years and reselling it at a profit........obviously that didn't happen.
The property is currently worth approximately 150,000. There is currently 30,000 in arrears on the property as we both took paycuts, lost overtime and accrued stupid personal debt. So the current outstanding mortgage is €330,000.
I would like to know what would be the implication on my friend if I go bankrupt in the UK? I know in theory she would be then liable for the full amount but because the property is in such serious negative equity would our lender maybe allow her to continue to own the property and buy my half out for a nominal fee of €1 as it would be still more profitable for the lender to do this than selling the property.......if they could even manage to sell it!
Also, as I obviously have no savings because of trying to service my debts I need to get money together to set up my COMI in the UK. Do I stop making mortgage/loan/credit card payments now so I can get some money together or do I need to keep servicing these debts until such time as I file my petition for bankruptcy in the the UK.
Any help would be greatly appreciated.
Longtime reader first time poster!
I want to move to the UK to declare bankruptcy and I am looking for some advice on my situation.
My friend and I bought a property back in 2007 with a 320,000 100% mortgage with the aim of owning it for a couple of years and reselling it at a profit........obviously that didn't happen.
The property is currently worth approximately 150,000. There is currently 30,000 in arrears on the property as we both took paycuts, lost overtime and accrued stupid personal debt. So the current outstanding mortgage is €330,000.
I would like to know what would be the implication on my friend if I go bankrupt in the UK? I know in theory she would be then liable for the full amount but because the property is in such serious negative equity would our lender maybe allow her to continue to own the property and buy my half out for a nominal fee of €1 as it would be still more profitable for the lender to do this than selling the property.......if they could even manage to sell it!
Also, as I obviously have no savings because of trying to service my debts I need to get money together to set up my COMI in the UK. Do I stop making mortgage/loan/credit card payments now so I can get some money together or do I need to keep servicing these debts until such time as I file my petition for bankruptcy in the the UK.
Any help would be greatly appreciated.