Mark Writes In “I Need to Go Bankrupt in the UK”
 | Posted by Steve Rhode Ask me your question. | Click on the star rating below to rate this article.
 (No Ratings Yet) Loading ... |
Mark wrote in about his financial situation.
“Hi Steve,
My wife and I need help. Since 2001 we’ve been living in the U.S. and we’ve just got our green cards. We moved to the U.S. from the UK and for years I’ve been struggling to pay back debt there using dollars to pay back British pounds. The conversion rate has not been in my favor.
I do not have any property or belongings in the U.K.
I’ve used up all my savings now and don’t have any more money to send back to the UK to pay these debts. I’ve only been able to pay about £100 a month on £25,000 worth of debt. What should I do?”
Mark,
If you had lived in the United States, or anywhere outside the UK for less than three years, you could have still gone bankrupt in the UK using a foreign bankruptcy service.
But since you’ve been gone longer, bankruptcy back in the UK is no longer an option.
You have a few of options.
- You could make payment arrangements the UK creditors but that makes it hard to pay off £ with $. But as you have learned, a repayment plan without an expectation that it will resolve the situation only drains you of cash and does not eliminate the debt.
- You could speak with a US bankruptcy attorney and consider a US bankruptcy and include your UK debts. There are more cross border bankruptcies these days.
- You could do nothing, stop paying the UK debt and then deal with any creditor that comes after you in the US.
As silly as it sounds, option 3 might be the best at this time, certainly making more payments isn’t going to help at all. But I would still suggest speaking with a US bankruptcy attorney to learn about how that solution may help you.
Any more payments to creditors, I’m afraid, is just going to be throwing more good money after bad.
Big hug.
Steve
Sphere: Related ContentOther Related Articles to Read
Do You Have a Get Out of Debt Question You Want to Ask?
I'm happy to answer any question you have about how to get out of debt, as honestly as possible by sharing with you my experience and truth that I learned from helping thousands of people to get out of debt. Don't be shy, if you need help, ask now, click here.And if you want to follow the latest questions and answers, just subscribe to my site RSS feed or get the email newsletter for free.
"
Comments
No comments yet.
Leave a comment