hooksin

Hi all,

I am looking for some info on the following:

for example, if you go bankrupt (personal) in the UK & moved abroad & bought a property (before the bankruptcy), what issues are there if any ?
Is it legal

do you have to declare if you have property abroad ?

a mate of mine has this exact problem

cheers

hooksin

Senior_AP

You'll get loads of speculation on here and very little fact.

"Citizens Advice Bureau" if you ask me. They're free and it will be a yes/no answer.

hooksin

yeah, I know I will get some speculative answers BUT there are some very knowlegable people on here & there will be others that have done this.

cheers

hooksin

forgot to add:

this move will be in europe so no VISA woes & the property bought for cash

cheers

imlach

Remember, the CAB is populated with predominantly volunteers off the street with no professional financial training. It is an 'advice' service only. Not legally binding advice. No different from the people on here to be honest

So, while I agree with the sentiment of seeking out professional advice, I think it is a bit short sighted to completely dismiss out of hand the advice of some of the people on here....but check out any advice with a proper professional.

Wurzel

iTrader: (1)

Imlach yes and no to that ?

When I went to the CAB to findout about wrongfull dismissal I was seen by a HR Director who volunteers to do CAB work a few days a week, there there is real chance you will get to see a qualified finacial advisor.

Steve

Audi-Boy

I don't understand, did your 'mate' go bankrupt to avoid paying off debts or something similar?

Good luck to them moving abroard but it's less than ideal is it!

hooksin

Hi Imlach, I agree with you....
I have been a member for over 4 years on here now & normally post under another name....this is my "ask any type of question username" as you never know who is looking
This bbs is the best form of advice you can get, quickly on any subject matter.

ps - please don't all use my initiative to escape the sh1tty UK & go with a bag of cash as the property prices will go up stupidly over there as well

hooksin

hooksin

don't think this question would go down to well at the CAB tbh....do you ??
also I would have to wear my false moustache & silly hat for disguise

anyone done this then ??

hooksin

Audi-Boy

Ahh so it's you that's bankrupt and not your mate!

Goan, I wanna know *everything*!

ScoobyDan

hooksin,

When you're made bankrupt, your financial matters for the whole period that your current debt is for are looked at IN DETAIL. i.e., if your bank account suddenly drops by a substantial amount (like the price of a house), but your UK-based assets don't go up, then you will have to do some serious explaining to get away with it! Also, you have to declare all assets owned outside of the UK (if your normal residency is the UK), so you would be forced to declare the overseas property.

Daniel

Spoon

Shan't even begin to ask if there are genuine creditors that you are potentially fleecing but you are free to volunteer the information.