Being reading lots of posts on bankruptcy in the UK and am thinking about taking a trip across the pond.
I bought an Investment property in late 2006 for 300k currently owe 259k on it , currently I guess its worth anywhere from 125k-150k was valued by an auctioneer at 125k for social welfare about 2 years ago.
The investment property was not secured on my principal private residence on which I owe about 60k (But if I default it turns out the bank can still put a lean on my house for the shortfall)
Currently the investment property is easy to rent for 10 months of the year (Students) and rental income just about covers the tracker mortgage and management fees.
Have being going interest only on both property's for the guts of the last 12 months with the bank as I am at home with 3 small kids and other half only has temporary sporadic work so don't have the money to pay all bills and mortgages etc.
Just wondering if I sell my main house and pay off the 60k I owe I might have 150k left over.
If I then go to the UK and establish my main center of residence as being there and declare bankruptcy and hide the 150k under the mattress would that protect it from the bank going forward?
As in can I can come back 12 months later to Ireland and buy a house here for cash and say I won the money playing cards or on the horses?
Just the stress of trying to make ends meet here is like a form of torture and the bank does not care. Would be a massive relief to be debt free.
I realize it might not be unpatriotic but I have 3 small kids futures to look out for and the bank wont take care of them.
I bought an Investment property in late 2006 for 300k currently owe 259k on it , currently I guess its worth anywhere from 125k-150k was valued by an auctioneer at 125k for social welfare about 2 years ago.
The investment property was not secured on my principal private residence on which I owe about 60k (But if I default it turns out the bank can still put a lean on my house for the shortfall)
Currently the investment property is easy to rent for 10 months of the year (Students) and rental income just about covers the tracker mortgage and management fees.
Have being going interest only on both property's for the guts of the last 12 months with the bank as I am at home with 3 small kids and other half only has temporary sporadic work so don't have the money to pay all bills and mortgages etc.
Just wondering if I sell my main house and pay off the 60k I owe I might have 150k left over.
If I then go to the UK and establish my main center of residence as being there and declare bankruptcy and hide the 150k under the mattress would that protect it from the bank going forward?
As in can I can come back 12 months later to Ireland and buy a house here for cash and say I won the money playing cards or on the horses?
Just the stress of trying to make ends meet here is like a form of torture and the bank does not care. Would be a massive relief to be debt free.
I realize it might not be unpatriotic but I have 3 small kids futures to look out for and the bank wont take care of them.