Has anyone gone abroad to go bankrupt?

You could also ask your creditors to write off some of your debts as you will be unable to service them. As said before they cannot get blood from a stone.
 
They won't do that. They would rather keep adding interest and eek out what they can via instalment orders and threats of imprisonment.
 
Well what I am seeing is that the institutions are writing down debts and whats more is they are getting these individuals to sign confidentiality agreements so that the word doesnt get out but like anything its getting out. Things are going to get a whole lot worse this year and I'd say from the advice I'm getting is the banks, etc will be only delighted to do more and more deals. The mess is only starting, wait till the retail property market goes into free fall...ie Burger King, etc. Its coming.
 
Hi, yes I looked at the IVA too but my advisor steered me away as there are many disadvantages to it. On the other hand, Bankruptcy is a definite last resort for anyone but if it has to be, then UK all the way. But there are many many alternatives that one can try first of all and now is probably the time from reading the papers, forums, etc to look at all options. The banks best be ready for an influx of creditors.......an increase of 1% on mortgages...what are they thinking. So many people are struggling to pay at the current rate, so why increase...maybe the banks want to become landlords...who knows??
 
Since when. Where has honour gone? When did we loose the ability to stand for our morals and try to do the right thing for us and society.

I think this disease from the government by not doing 'the right thing for us and society' for the last 13 years or so and the same disease which past onto bankers whom society put some trust in has resulted in the same disease being past onto the people of this country today.

Until bankers and politicians and developers go to jail for their actions, the governments past of lavish spending of tax payers money has been put to a stop then it is very difficult for people of this country 'to stand for our morals'.

After all values are the rules by which we make decisions about right and wrong, should and shouldn't, good and bad, has our values been diluted?. So in summary we have had a past government who has taken a whole series of unethical decisions, got cosy with the developers and bankers to an extent that it is difficult to see how people could have any morals
 
For instance Micheal Martin on social welfare recipients:

"Attacking fraud is an important aspect and also an efficient rationalisation of the situation whereby people can make a career out of exploiting social welfare."

But should it read:

"Attacking fraud is an important aspect and also an efficient rationalisation of the situation whereby government ministers can make a career out of exploiting their pensions and once off payments."
 
"Getting one over on the banks" as you put it is getting one over on me and every other taxpayer in the country.

Thanks for that.

The truth is the system in Ireland has already got one over on you plus it will contnue to get one over on you and there is nothing you do about it. People will do what makes financial sense at the end of the day,morals don't come into it. Look at what the banks and gov are doing to us....is that moral?
 
i find this hard to believe and honestly think its impossible. why because just say you had a business here in ROI that went bust. going on this topic the person can simply live up north for 12months and work there. after the 12 months you can come back to ROI debt free!!! find it really hard to believe that its possible

also whats happens if you were a sole trader and your business went wallop ST is responsible for all debt!!!!!

It reallt is possible I have numerous posts on here as to how to do it.

Steve
 
Yes you could say it to your friend.

The insolvency practitioner who conducted the course I attended spoke about a couple of cases where the children of wealthy individuals were availing of this route... to enable them get out of large debt and negative equity and free themselves up to inherit their parents wealth without fear of it being paid to creditors.

Incredible!!

Please believe me this is not just a remedy for the rich. I am an expert in this field. We provide this process for anybody rich or poor.

Also there is no noral element to this at all. If banks were reckless with their lending they can have no sympathy when those who suffer and cannot pay it back, take out routes offered to them by EU law.

Steve
 
Hi all

I was at a course last week in Belfast.

The course focused on the different methods of insolvency in Northern Ireland and the Republic of Ireland.

During the course of the day, the presenter talked about 'Bankruptcy tourism'.

Where people from Ireland are moving to UK or elsewhere, working for a few months, decaring themselves bankrupt and therefore escaping Irish debts.

If the UK is the country of choice, you are bankrupt for 12 months and are then debt free.

I find this unbelievable and of course its immoral but apparently it is happening. The presenter (an insolvency practitioner) has personal experience of this practice.

And, of course when we look at what David Drum is trying to do, it all makes sense.

I was just wondering if anyone has had personal experience of this?

Whats immoral about getting a new start financially? Surely its immoral to tie people to a debt that was inflated through gov policies and the banking pyramid scheme in real estate?
 
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