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Can I go Bankrupt

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  • 30-04-2013 7:28am
    #1
    MagnusDamm
    Banned (with Prison Access) Posts: 69 ✭✭


    Hi there,

    I left Ireland 2 years ago due to work committments. I left 2 houses behind me as I couldnt sell due to negative equity. One I currently rent, the other is lying idle.

    I stopped paying this mortgage 2 months ago and will no longer service it. Its become just too much of a burden when I am unemployed with no chance of getting a job in the near future. I see on sites like Askaboutmoney the huge number of people inquiring about the possibility of going bankrupt in Northern Ireland and England etc.

    It has me thinking about perhaps I could do the same in Sweden. Do you know what grounds you need to satisify for bankruptancy? Do I need to be broke? Unemployed for long?

    Any advice appreciated.


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    #2
    Marcusm
    Registered Users Posts: 10,325 ✭✭✭✭Marcusm


    You're more likely to get advice on the Swedish bankruptcy process on a Swedish forum!


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    #3
    fro9etb8j5qsl2
    Closed Accounts Posts: 2,391 ✭✭✭fro9etb8j5qsl2


    How about you just take responsibility for the debts that you chose to accrue when willingly buying 2 houses? Why should the Irish taxpayers have to shoulder the burden of your debts just because you don't want to anymore?


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    #4
    ABEasy
    Registered Users Posts: 566 ✭✭✭ABEasy


    Eleanor Steep Xylophone wrote: »
    How about you just take responsibility for the debts that you chose to accrue when willingly buying 2 houses? Why should the Irish taxpayers have to shoulder the burden of your debts just because you don't want to anymore?


    Wow, that's a mighty high horse you got yourself there Mrs.


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    #5
    Peanut2011
    Registered Users Posts: 1,001 ✭✭✭Peanut2011


    Eleanor Steep Xylophone wrote: »
    How about you just take responsibility for the debts that you chose to accrue when willingly buying 2 houses? Why should the Irish taxpayers have to shoulder the burden of your debts just because you don't want to anymore?

    I absolutely agree!
    ABEasy wrote: »
    Wow, that's a mighty high horse you got yourself there Mrs.

    And why not??

    Op has not mention that he can't pay, he said it has become a burden! Well guess what, sell the house, hand over what you get and you will have less of a burden to worry about and only have to pay the difference left.

    It is this kind of attitude that has genuine people who are in trouble unable to get help!


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    #6
    MagnusDamm
    Banned (with Prison Access) Posts: 69 ✭✭MagnusDamm


    Yes I have posted on Swedish forum and awaiting a reply. Like I mentioned I seen people getting advice here in relation to going to UK and thought maybe someone here could help me.

    Thanks


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    #7
    average_runner
    Registered Users Posts: 12,851 ✭✭✭✭average_runner


    Sure we all stop paying our mortage. God i hate these greedy people that bought 2 houses and when it goes pear shape, wants an easy way out.

    Why not sell it and pay that lump sum off and the remainer over 30 year period?


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    #8
    cson
    Registered Users Posts: 14,465 ✭✭✭✭cson


    ABEasy wrote: »
    Wow, that's a mighty high horse you got yourself there Mrs.

    Not at all.

    Assuming you're working in this country, the OPs decision to renege on choices he willingly made will mean that you, the Irish taxpayer, will have to foot the bill.

    What incentive is there for people who are still paying their mortgage, or folks who didn't buy during the boom if shite like that is allowed to happened?

    You look like you just decided that its too much of a burden in your own words and have decided to not just not pay it as opposed to engaging with the bank and trying to come to arrangement. You won't be getting sympathy or advice from here if thats the case.


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    #9
    MagnusDamm
    Banned (with Prison Access) Posts: 69 ✭✭MagnusDamm


    Why would I want to do that? I dont want committments in Ireland anymore. I'm gone for good.


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    #10
    average_runner
    Registered Users Posts: 12,851 ✭✭✭✭average_runner


    MagnusDamm wrote: »
    Why would I want to do that? I dont want committments in Ireland anymore. I'm gone for good.

    Arent you keeping the other house here, that is commitment.


    Ok dont have comiitments here, sell the house, get a loan in sweden and pay off what you owe here. Then your commitment is in Sweden.


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    #11
    MagnusDamm
    Banned (with Prison Access) Posts: 69 ✭✭MagnusDamm


    cson wrote: »
    Not at all.

    Assuming you're working in this country, the OPs decision to renege on choices he willingly made will mean that you, the Irish taxpayer, will have to foot the bill.

    What incentive is there for people who are still paying their mortgage, or folks who didn't buy during the boom if shite like that is allowed to happened?

    You look like you just decided that its too much of a burden in your own words and have decided to not just not pay it as opposed to engaging with the bank and trying to come to arrangement. You won't be getting sympathy or advice from here if thats the case.

    No ones looking for sympathy dude. Advice would be nice but it appears you can't/wont so don't reply anymore with your smarty pant comments.


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    #12
    average_runner
    Registered Users Posts: 12,851 ✭✭✭✭average_runner


    MagnusDamm wrote: »
    No ones looking for sympathy dude. Advice would be nice but it appears you can't/wont so don't reply anymore with your smarty pant comments.

    I dont think its a smart comment, it just how people in Ireland feel, as we are cleaning up the mess from people like you.


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    #13
    ABEasy
    Registered Users Posts: 566 ✭✭✭ABEasy


    Peanut2011 wrote: »
    I absolutely agree!



    And why not??

    Op has not mention that he can't pay, he said it has become a burden! Well guess what, sell the house, hand over what you get and you will have less of a burden to worry about and only have to pay the difference left.

    It is this kind of attitude that has genuine people who are in trouble unable to get help!

    1. You don't know who the op's bankers are, not all banks are state owned or supported (ulster bank, kbc, bosi, etc)
    2. He did not borrow from the state, he borrowed for a commercial bank, in a business transaction, it is not the op's fault the state bailed out the banks, if you have an issue with this take it up with you local elected representive
    3. The op is not a slave, he entered into a business transaction where the risk to the bank was that he may not repay his loan, the bank factored this into their equation and charged an appropriate interest to address this risk, the op is within his/her rights to seek bankruptcy as he would have been prior to the crash.
    4. How is this preventing genuine people getting help?

    Op, a believe you will need to prove your main centre of business/function is in Sweden, do you live & work in Sweden? If so you should be able to go into bankruptcy there. As stated previously you should research the Swedish bankruptcy laws before committing!


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    #14
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    lets all hope that the Swedish bankruptcy process is difficult and onerous.


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    #15
    cson
    Registered Users Posts: 14,465 ✭✭✭✭cson


    MagnusDamm wrote: »
    Why would I want to do that? I dont want committments in Ireland anymore. I'm gone for good.

    Oh I don't know, maybe because you signed up to a binding agreement to pay a certain amount of money back over a period of time so as to allow you to purchase a couple of houses? Maybe that?

    It's a mortgage you bought, not a packet of crisps.


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    #16
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    cson wrote: »
    Oh I don't know, maybe because you signed up to a binding agreement to pay a certain amount of money back over a period of time so as to allow you to purchase a couple of houses? Maybe that?

    It's a mortgage you bought, not a packet of crisps.

    And the way out of debt is to be adjudged bankrupt.
    Yes he took on these debts and he's looking to get out of them by being made a bankrupt. He can't say oh I'm bankrupt and just fill in a form. It has to go through a court of law in order for him to be made a bankrupt.
    My understanding of it is that you have to be insolvent. If you've 250,000 in Rolex watches then you're not insolvent. They seize every asset that he owns and is given a reasonable amount to live on. If his wages are over a certain amount, that goes to the official receiver for 3 years to go towards his creditors.

    Bankruptcy is there for people who are insolvent and can't pay back their debts. If the op is insolvent, well then fine. It involves taking a lot of pain up front, the humiliation of being made a bankrupt and a credit rating that's hardly good enough to wipe your arse with afterwards.

    The op isn't asking for debt forgiveness so he can continue to live in the house at the expense of the tax payers and take no pain. He's asking to go down the route of bankruptcy.

    Op how's your Swedish? If your fluent, have a read of Swedish bankruptcy law to see what the story is. No point going bankrupt in Sweden if its worse than Ireland. Personably I'd go down the uk route. At least you speak English.

    If you go down the uk route, remember that England isn't as strict when it comes to determining residency as Northern Ireland. Whatever you do, get a good bankruptcy solicitor. Steve thatcher pops up a lot, so I'd be looking for him.

    Guys giving the op a hard time. If the law says that it can be done, then why not do it?


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    #17
    Shedite27
    Registered Users Posts: 9,396 ✭✭✭Shedite27


    Pay your mortgage!!!

    This would be similar to me coming onto the forum asking for the taxpayer to cover my Paddy Power debts coz all the tips I got from a taxi driver didn't come in.


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    #18
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    Shedite27 wrote: »
    Pay your mortgage!!!

    This would be similar to me coming onto the forum asking for the taxpayer to cover my Paddy Power debts coz all the tips I got from a taxi driver didn't come in.

    If you go bankrupt over a debt to paddy power, well then you are taking responsibility for your debt.


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    #19
    MagnusDamm
    Banned (with Prison Access) Posts: 69 ✭✭MagnusDamm


    cson wrote: »
    Oh I don't know, maybe because you signed up to a binding agreement to pay a certain amount of money back over a period of time so as to allow you to purchase a couple of houses? Maybe that?

    It's a mortgage you bought, not a packet of crisps.

    Yes I am aware of what I bought. Who said anything about a packet of crisps?

    The question was in relation to going bankrupt in Sweden, I don't want to turn this in a debate about whether I can or should pay the mortgages. This is irrelevant for the purpose of this thread.


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    #20
    Chris_5339762
    Registered Users Posts: 5,902 ✭✭✭Chris_5339762


    Part of me is beginning to think this is a troll thread.


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    #21
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    MagnusDamm wrote: »
    Yes I am aware of what I bought. Who said anything about a packet of crisps?

    The question was in relation to going bankrupt in Sweden, I don't want to turn this in a debate about whether I can or should pay the mortgages. This is irrelevant for the purpose of this thread.

    Sweden you have to enter a payment plan for 5 years. So similar to what it would be in Ireland with the new personal insolvency legislation.
    There are some restrictions on it which you should have a read off. Again you have to be INSOLVENT. If your not insolvent, but just fed up off the houses well then it's going to be a bit trickier for you.


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    #22
    djimi
    Registered Users Posts: 13,237 ✭✭✭✭djimi


    MagnusDamm wrote: »
    The question was in relation to going bankrupt in Sweden, I don't want to turn this in a debate about whether I can or should pay the mortgages. This is irrelevant for the purpose of this thread.

    I would suggest that there are far better sources for information about Swedish bankruptcy than Boards.ie in fairness.


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    #23
    MagnusDamm
    Banned (with Prison Access) Posts: 69 ✭✭MagnusDamm


    Shedite27 wrote: »
    Pay your mortgage!!!

    This would be similar to me coming onto the forum asking for the taxpayer to cover my Paddy Power debts coz all the tips I got from a taxi driver didn't come in.

    Its that simple huh? Please read my post again. How can you pay a mortgage with no income?


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    #24
    Bullseye1
    Closed Accounts Posts: 5,731 ✭✭✭Bullseye1


    OP if this thread teaches you anything its that your better off in Sweden. This country has lost any resemblance of sympathy if it ever had it.


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    #25
    ResearchWill
    Closed Accounts Posts: 4,111 ✭✭✭ResearchWill


    OP google sweeden bankruptcy

    http://ec.europa.eu/civiljustice/bankruptcy/bankruptcy_swe_en.htm


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    #26
    djimi
    Registered Users Posts: 13,237 ✭✭✭✭djimi


    Bullseye1 wrote: »
    OP if this thread teaches you anything its that your better off in Sweden. This country has lost any resemblance of sympathy if it ever had it.

    Sympathy is a little hard to come by when the country as a whole is financially paying the price for the mistakes made by a portion of the population, and the financial situation that some people find themselves in (that is not a direct dig at the OP; just a general observation).


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    #27
    Bullseye1
    Closed Accounts Posts: 5,731 ✭✭✭Bullseye1


    djimi wrote: »
    Sympathy is a little hard to come by when the country as a whole is financially paying the price for the mistakes made by a portion of the population, and the financial situation that some people find themselves in (that is not a direct dig at the OP; just a general observation).

    We are also paying/paid for social housing (billions) and rent allowance €500million a year. We are paying billions in social welfare and many of us are paying taxes for services which many of us will never use. Some of us are paying our mortgages and paying our taxes but we don't feel the need to kick people when they are down. It seems to be inherent in the Irish psychic to kick people when they are down. The OP clearly stated in their original post that they cannot pay for the properties anymore yet we get the same auld "pay your mortgage". With what? People have made some serious mistakes and they will pay for them for the rest of their lives, should their children also be punished?


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    #28
    djimi
    Registered Users Posts: 13,237 ✭✭✭✭djimi


    Bullseye1 wrote: »
    We are also paying/paid for social housing (billions) and rent allowance €500million a year. We are paying billions in social welfare and many of us are paying taxes for services which many of us will never use. Some of us are paying our mortgages and paying our taxes but we don't feel the need to kick people when they are down. It seems to be inherent in the Irish psychic to kick people when they are down. The OP clearly stated in their original post that they cannot pay for the properties anymore yet we get the same auld "pay your mortgage". With what? People have made some serious mistakes and they will pay for them for the rest of their lives, should their children also be punished?

    People are getting screwed at the moment and are going to complain about it. Personally my disposable income is being reduced time and again to pay for mistakes that I did not make. Im sorry for the OP, and it was not my intention to weigh in and have a go at the OP personally, but its not hard to understand why people in this country are showing little sympathy at the moment.


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    #29
    listermint
    Registered Users Posts: 33,948 ✭✭✭✭listermint


    MagnusDamm wrote: »
    Its that simple huh? Please read my post again. How can you pay a mortgage with no income?

    You said you were working in Sweden.....


    Sell the houses, and pay off your balance.


    Its not my fault your flagrant choices came back to bite you. I doubt you actually qualify for bankruptcy. Id be surprised if you do.


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    #30
    Darkglasses
    Registered Users Posts: 14,526 ✭✭✭✭Darkglasses


    listermint wrote: »
    You said you were working in Sweden.....


    Sell the houses, and pay off your balance.


    Its not my fault your flagrant choices came back to bite you. I doubt you actually qualify for bankruptcy. Id be surprised if you do.

    Actually he's unemployed, read the op again.


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    #31
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    Unemployed does not mean he has no money. The guy has a property portfolio ffs, and the dole in sweden is a % of your previous salary!


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