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OP bought a property which he is presently letting. The rent pays much but not the "full mortgage and service charges ". No different then from most people who did the same in the last decade. But better than many because OP has a job.
A few years after buying the property in Ireland he decided to buy one in USA (or to pay half the mortgage on one) which he wants to keep.
My goodness, I must look at some of my debts which really are a bit of a drag - and if the bank doesn't do a deal on them I'll jump on this bankruptcy bandwagon.
What if i am a British passport holder and returning to uk and will stay with my mum. How do i establish a COMI? I mean I will have no rent to pay and no job for a while, how will I go about starting the bankruptcy procedures if I dont have this sort of proof?
Steve, and anyone else who can advise,
I own an apt that was worth 245k when i bought it in 2008. I planned living in it until retirement then selling, but having lived in it for 2 years i met and married an American lady and moved to the USA a year ago.
I have been renting out the property, but the rent doesnt cover the full mortgage and then i have to pay 1,700euro as a service charge each year.
I have two things in mind to do, sell the property and get the best price i can and then claim bankruptcy in the UK due to their leniency so that it will be cleared within a year. The other way i may go about it is to hand the keys back and then claim bankruptcy in the UK.
As i say I live and work in the USA now and i pay half the mortgage on the property here with my wife, will the property here be affected if i do either of the above?
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