UK Bankruptcy from Abroad
Are you living abroad but still have UK debts?
If so we can help! We are fully authorised by the Financial Conduct Authority to provide debt counselling and have been established since 2009. Since this point we have helped over 600 people living all over the World to clear their UK debts and to start a new life abroad free of UK liabilities. We have unrivalled experience in this very specialist field of bankruptcy.
Filing bankruptcy from abroad can have many pitfalls especially with the new bankruptcy system that is in place. It is very common for the Official Receiver to dispute living expenses and in most cases the Official Receiver will ask you to make payments for a three year period of time. Income payment agreements can be very high and if the Official Receiver feels that you have (for instance) £500 of disposable income they will ask you to pay this every month; over a three year period you could end up paying thousands of pounds back to your UK creditors. For this reason it makes sense to take specialist advice on how this may work in your current circumstances.
If you have a property abroad with equity this needs to be handled very carefully. Again in this situation you may be asked to pay thousands of pounds to the Official Receiver depending on the equity amount within the property.
It can be very hard to start a new life abroad with the pressure of old debts hanging over you. Our specialist overseas bankruptcy service provides full assistance and support and the new bankruptcy system that has been implemented in April 2016 means that without even returning to the UK your debts can be cleared using the legal process of Bankruptcy. Debts including credit cards, loans, tax, mortgage arrears, vat, negative equity and more could disappear completely.
Don’t bury your head in the sand! We are seeing more and more UK debts being transferred abroad to local debt collectors. The problem won’t go away if you do nothing, it will only get worse. Take positive action now. Do you really want your new life spoilt by local debt collectors knocking on your door? Creditors are now passing these debts overseas after locating people. If you do nothing the new credit history that you are developing abroad will be affected by your old UK debts.
We specialize in handling bankruptcies for ex-UK residents now living overseas. We cover worldwide including countries such as Canada, the United States of America, Thailand, Australia, New Zealand, Dubai and many other areas. European countries fall under slightly different legislation but with our expert help your bankruptcy may still be possible with UK or European debts. We have helped many people deal with their UK debts while remaining in their new country of residence. Complete our short online application form for further information, or telephone our experienced advisors for further information.
Emigrated Overseas with UK debts?
More and more people are choosing to start a new life overseas. A combination of good climate, healthy living and better job opportunities mean that we are seeing a steady increase of people leaving the UK and settling in various countries. The image below shows figures for 2004 to 2005 with Australia as clearly the most popular destination.
How much is the Bankruptcy fee?
Prior to the 6th of April 2016 the standard fee to file bankruptcy in England and Wales used to be £705 or £525 per person; this was made up of two elements; a £525 bankruptcy deposit fee and a £180 Court fee. In some cases a person could obtain a reduced bankruptcy fee of £525 depending on their circumstances.
The current bankruptcy fee has been set at £680.
Even though you may hear of a “joint bankruptcy” the fee for a couple or Husband and Wife will be £1,360 as there is no discount given for the second person.
Unfortunately there are no longer any reduced bankruptcy fees available.
What happens when you go bankrupt?
Bankruptcy needs to be handled very carefully if you are living in another Country. You do not want this process to impact upon your life abroad and the Official Receiver has the power to inform organisations such as banks, landlords, car finance companies and so on.
If you are living overseas and own property with equity, then you need to consider how bankruptcy will affect your situation and how property abroad will be handled during a UK bankruptcy. Any assets (independent of where the asset is located) will be involved in your bankruptcy. For this reason it can make sense to file for bankruptcy sooner rather than later, as in many cases people start to establish themselves overseas and build up equity in property or purchase assets such as cars or property.
If you do own assets that are based overseas don’t think that they are immune to bankruptcy proceedings-the Official Receiver in the UK can apply to the Courts in the Country that you are residing in and ask for assistance in handling your case.
This assistance will be given to the Official Receiver as most Countries now have reciprocal agreements to help each other in these situations. Always take professional advice as each person’s circumstances are different.