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Ask Senior Partner Your Own Question
Senior Partner
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13325
Experience:  Solicitor with more than 30 years experience
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I am an Irish citizen , living in London UK now for the past

Customer Question

I am an Irish citizen , living in London UK now for the past three years
My wife lives in ireland , I travel there every weekend.
My wages in London are average and when you take into account living costs and traveling costs(to ireland) there's no extra cash ! We have a joint mortgage on our house in Ireland,this is now in huge negative equity (-60%) my wife's wages just about covers the monthly repayments. But life if nothing short of and almost impossible struggle.
I have huge Personel gaurantee debts to Irish banks from my previous business but to be honest the bank have not yet persued.
If I go bankrupt in UK does this clear my half of the mortgage ? our house is the only remaining asset I have !! If bankruptcy doesn't clear my 1/2 of the mortgage what happens it considering the house is only worth 40% of the actual mortgage
Submitted: 3 years ago.
Category: Law
Expert:  Senior Partner replied 3 years ago.
HI thanks for your question. Bankruptcy in England will prevent further recovery of any debts in the UK but will not necessarily prevent a creditor form pursuing you in Ireland. Secured debts are not covered by bankruptcy anyway so it does not get rid of your liability under the mortgage it is only if the creditor forces a sale and the shortfall becomes an unsecured debt.
Customer: replied 3 years ago.
So if I go bankrupt in UK this does not cover me for unsucured debth in ireland ? Is this the advice you are given me ?
Expert:  Senior Partner replied 3 years ago.
If you go bankrupt in the UK it will prevent a claim from any unsecured creditor in the UK . Under EU law if you can establish that the UK is the main centre of interest ( because you are resident the uk and earn all your income here) then the bankruptcy ought to be effective in every member state. It is possible however that an irish creditor could try and sue you in ireland. If your primary objective is to get rid of all the irish debt you might be better to go bankrupt there