GB
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Please tell me all about................Bankruptcies!
We are contemplating - well, I am at least - declaring bankruptcy in Ireland to get out from under the house that will sell, AT BEST, for a loss  and is costing the earth from this end with the exchange rate the way it is 
I know in the states its no big deal but hubbs tells me its a HUGE deal in Ireland so any information would be apreaciated 
Oh, and hows the weather over there 
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quarryman
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Filing for bankrupcy in Ireland is quite complicated and will tie up all your earnings and income for the next 10 years, no matter what country you live in. The only funds the court will not touch are social welfare payments. So be prepared to have US lawyers and Irish solicitors involved and a total review of all your financial dealings, savings, portfolios etc. Including a lien being put on your US income.
The Judge will have sympathy for someone who cannot pay but will come down on you like a ton of bricks if you don't or won't pay for whatever reason.
It's not a solution for anyone who is at all solvent.
The weather is..... bloody freezing..... and it's not raining !!!!!!
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blowin
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I can't speak for the viewpoint from the ROI but from what I gather the social stigma in the uk is nothing like what it used to be . Most of the kids ( that is to say anyone up to about 30 and probably way beyond ) are so far over their ears in credit-card debt it has become almost a way of life to avoid repayment by whatever means . Sounds like you have made the best effort you can so you have to do what you have to do and the rest of us shouldn't be judgemental . Just pay the small traders before the big institutions whose greed and lack of judgement were the catalyst for all this mess . ( I used to work in a "bank" ( money-lending) btw so I am no better or worse than anyone else in these respects ) . Never got those huge bonuses tho' -- just a lot of horrible hours driving around housing estates on a Fri nite trying to recover a few quid from the customers whose loans I had approved . Some never had any intention of repaying even if they could . What they probably didn't realise is that my own poorly paid job depended on it . Difficult subject !
Good luck .
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keithrawlins
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in asimular stateat themoment but all mecrediters havebeen great andhave bent over backwards to help us even to thepoint of giveing me ca loan payments of £1 per month till iam back on my feet .
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blowin
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Two main points from the lenders' point of view ( Not the "Bank" or the corporate body , but the small person whose performance in the job is judged on recovery of bad debts he/she originally approved ) -- communication is everything . " Can't pay " leads to a sensible agreement . " Won't pay" leads to a serious conclusion . If you see these guys dining out when they won't repay the price of a bag of chips then why not go straight into litigation , feck them , because it may be the only way you can save your own job . We are all human !
FWIW I would frequently rewrite the "can't pay" loans ( minimal repayment over a longer period ) and generally things worked out well for everbody but I think there may be less discretion now , what wiith automated risk-assesment rather than face-to-face character judgement . But that was a very long time ago .
Keep talking is the best I can suggest . 
Good luck and don't be seen eating steak with your chips .
( A chnce would be a fine thing , wouldn't it )
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Guest
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sanctimonious git .
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admin
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Steady on
Personal abuse is out of order .
Abuse of the systems might be ok .......... so long as it isn't of mine !
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quarryman
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Blowin are you hearing the voices again....... don't do what they say.....
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keithrawlins
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this is to guest if you are going to slag someone of have the nerve to put your name to it coward.....
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blowin
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Right on and well said
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GB
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Blasted computer didnt tell me I had replies to this
Right now we are at the limits of our ability to cope as almost half of our money is going to pay for a house that hasnt a hope in hell of selling to cover its mortgage. We asked about selling it at a loss and then paying the balance as smaller payments but no go, if it sells for a loss we are expected to pay the balance in a lump sum  and sorry, it aint gunna happen the money just isnt there! I dont want a profit - even though I worked like a slave to get the danged thing finished to the highest standards possible - I just want to be out from under a crushing debt.
On the plus side, we just got a renter, she will move in next month but her rent only pays for a bit more than a third of the payments.
Sigh............
My uncle said I should just post the key into the bank and say "Here you go, its all yours!" and if it wouldnt smash Mr GB's credit I would in a heart beat!!! I thought of putting the house in just my name and doing the above but he says my credit is his credit in Ireland.
Any ideas? Would a husband be held accountable for his wife's debts?
The weather here is mizzling rain and in the fifties tonight. I will take it over snow any day
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dara
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You'd really need to get pro advice on this (assuming you haven't already). Some mortgage companys insist on a one off indemnity at the beginning of the mortgage term as protection should you default for any reason. This covers both the lender and the borrower.
In the UK, in the early nineties I had a mortgage which was a stretch when I first got it but went through the roof thanks to mr. lamont's efforts. At the time I was in saudi and decided to give the keys back as a lot of people were doing then. When I came home a couple of years later I wanted to buy again and went to the building society. I told them ALL of the history but it made no difference - they gave me the mortgage ayway and i never heard a word from the previous lender.
A debt, no matter what, cannot be pursued in the E.U. after 6 years and because of the huge expense it is unlikely that your creditor would go the route of bankruptcy. In the end they still have the property.
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