Going UK Bankrupt from Australia-Do you have to declare Aust Income/expenses

wombat101

Hi

I've moved back home (Australia) with my family and have a few debt issues to solve largely due to house not selling and if it did, house prices dropping

My wife and I have joint unsecured debts of £47k

We have a mortgage of £227 k on a house we can't give away

I was thinking an IVA would be good as I could easi;ly offer a 25% solution but it is the house/mortgage doing my head in. I can rent it out but after expenses have a shortfall on an interest only mortgage of £420/mth which I cannot fund. Would a bank be open to suspending interest or taking the net proceeds of rent until such time as the market picks up.

That's the background ...
I'm looking at using myvesta to lodge BR for my wife and I whilst we are in Australia. It gets quite complex (for me anyway). Do they need all details of Australian bank accounts, australian income/expenses or do I paitn the pciture of the situation as it is in the UK? I'm concerned they start to invesigate/contact australian banks etc. thus alerting them to proceedings in the UK

Any comments/thoughts appreciated

shadowdragon

Firstly Welcome to the Bankruptcy boards.

No experience of this im a fraid

did find this article on myvesta that may be some help.

http://myvesta.org.uk/articles/articles/4105/1/Around-the-Bankruptcy-World-in-80-Days/Page1.html

they also have a forum where your question might already have been answered

http://myvesta.org.uk/forum/

hopefully someone will be along soon who have done something similar to what your doing.

Cactus_2

How do i post a new thread. Please reply to cactus

shadowdragon

cactus goto the main board "Debt free wannabe" and at the top theres a "new thread" button hit that.

downunderandout

Hi Wombat

I live in Australia and recently declared myself bankrupt in the UK. My understanding is that due to privacy laws, or something similar, the OR is unable to look into Australian bank accounts (if this is wrong someone please correct me!).

You would certainly need to be completely on the level regarding your finances, bank accounts, etc, in the UK - but the overriding impression I got was that the OR can't touch anything in Australia, has no access to your financial dealings over here and, perhaps most significantly, the BR itself doesn't affect you in any way while you're in Australia.

In terms of completing the bankruptcy forms themselves you would need to put in details of your income and expenditure both in Oz and the UK, but the OR certainly won't be making phonecalls to anywhere in Oz to verify any of those figures. They might ask for copies of statements, bills, etc.

Hope that helps - I'm also planning to post up my experiences of going BR in the UK in detail at some point this weekend in case that offers any further encouragement.

cheers