A question about : Bankruptcy Questions
Hi All,
So I'm in a fair amount of debt and have recently lost my job so I'm currently living at my mother's house, in the process of renting my apartment out and hoping to get at least a part-time job soon. However, prior to losing my job I was in the process of setting up a business overseas and I'm at a stage where I don't really want to lose this opportunity.
I'm thinking about bankruptcy as a solution - firstly to clear the debt that I don't think I will ever be able to clear and secondly, as I'm not totally bothered about my credit rating (particularly if I am to move abroad - non EU country).
My questions are:
1.) If I were declare myself bankrupt, will they take my apartment?
2.) Will I be able to be a director of a business in a non-EU country?
3.) Is there anything else I should consider before going through with this process?
4.) Does anyone who has declared themselves bankrupt have any advice?
Many thanks 
TB
Best answers:
- 1.) If I were declare myself bankrupt, will they take my apartment? - Depends on whether there will be any equity? If there is it is a possibility they will. The rent revenue will be included in any assessment for an IPA
2.) Will I be able to be a director of a business in a non-EU country? Ask business Debtline - there is also some info here https://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch37-48/chapter4...
3.) Is there anything else I should consider before going through with this process? Get professional advice from StepChange or Business Debtline. Both are free.
4.) Does anyone who has declared themselves bankrupt have any advice? - Don't underestimate the powers of the OR even outside the EU - if they think you are 'skipping town' to get rid of your debts so you can make money elsewhere - you might find yourself in the doo-doo.
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