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Topic: Advice needed, considering bankruptcy.  (Read 215 times)

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Advice needed, considering bankruptcy.
« on: September 16, 2019, 04:13:05 PM »
I am in difficult situation. I lived in UK for 6 years. I was employed, I had good job. Now I have unsecured debts total amount about 50000 £. While I was employed, I could afford paying debt and interest. I lost job 3 months ago, all attempts to find new job were not successful. My savings are near to zero now, I can hardly afford paying my rent. I decided to go back to USA. I have some saving in USA, enough for 3-4 month to cover moving and living expenses. Now I am considering bankruptcy in UK. How to do it correctly, so I can still keep my USA savings? Can UK court block or have me to close my USA bank account? Or will I be forced to declare and pay all my USA savings to UK creditors? Is there any way to keep at least small amount, so I can survive in USA after moving there? How UK bankruptcy will affect my USA Credit score?  What will happen, if I just move away from UK without declaring bankruptcy, will collectors chase me in USA?

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Re: Advice needed, considering bankruptcy.
« Reply #1 on: September 16, 2019, 06:52:15 PM »
I'm not a lawyer and cannot give legal advice. But in pondering your situation, I wonder if it were me that I wouldn't just go to the USA and get set up with what I have left. I would not not want to put myself in the position of sleeping on a park bench by draining every last penny out of my accounts, regardless of where they are.  Because if I can't pay, I can't pay. They can't get blood out of a rock, as the old saying goes. Even if one really wanted to pay it off, if they can't, they can't.

I would also want to know if I could file remotely, somehow, from outside the country. Depending on the state in the US you move to, what little you do have there may be protected from any sort of attachments. I know that cars up to a certain value may be exempt, as might personal possessions and a homestead. Or if it would even be necessary to do a UK bankruptcy -  it may well be that my UK debt would be written off as noncollectable, and remain on my credit report here in the UK for whatever the normal amount of time.... I believe that UK credit scores do not impact USA scores (or, at least the reverse is true).

It does sound like you need some serious legal advice from a reputable lawyer in the UK country in which you live (the laws seem to be different among them). The best of luck to you - and do remember, this shall pass.

« Last Edit: September 16, 2019, 06:54:34 PM by Nan D. »

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Re: Advice needed, considering bankruptcy.
« Reply #2 on: September 16, 2019, 06:58:35 PM »

Seems like the kind of thing that citizen's advice could help you with, and free as far as I know. 

Good luck!

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