Debts at home or family abroad?

juno23

First time poster.

I've got a decent job here in the UK but my wife is american and very homesick. Our house sale fell through a couple of weeks ago and we're not getting on, in fact, she is adamant that she will leave soon, taking our one year old son with her.

I owe £17k on a personal loan, £9k on a credit card, £140k on a mortgage and £25.5k on a securred loan on the house. We have £10k in savings also. We were going to sell for £160k which would have taken out the last two but this was the last straw for her. She also wants the £10k in savings to provide for her and the baby when she is abroad as she won't be able to work.

If she goes, I feel I will have little choice but to follow her for my families sake but what to do with the debts? I would not be happy to just leave them, especially as we may want to come back one day but would I be able to go BR and give up the house for voluntary repo, before I go so I don't have to deal with the debt growing in my absence?

It won't be an issue to leave the debt because you start in the states with a blank slate. She also has no debt in the US and bank accounts.

Also, what would the OR make of the £10k disappearing to provide for my family in my absence?

So torn I don't know what to do.

I mean, I know what I should do - follow my heart and keep my family together; but how to leave things behind, I'm not sure about. I spoke to CCCS briefly and they didn't fully grasp the reality of my situation. They started talking to me about reducing my Sky TV payments!

Any practical advice would be greatly received. This place is a godsend.

imcognito

Hello....

As it stands at the moment with you working can you afford to service your debts and mortgage S/L etc? If yes then you wont be able to go bankrupt.

But obviously if you choose to go and follow your wife then you will have no income therefore bankruptcy is the only option.

Is th savings in joint names?

Personally I too would go, take the savings and start afresh.
10 K wont last long though or will she have someone to stay with over in the states? I presume she has family there? How easily could you find a job there?

Would you file for bankruptcy now before you go or after you have gone?

I am sure there was someone on here recently filing from abroad.

You are right CCCS had no clue in your situation.

Sorry I cant offer more advice but I think if you are planning on giving it a go over there and you are sure you and your wife will get once there it should all be fine. the last thing you want is for it all to go wrong then have to come back I am sure!

Good Luck

Im x

fiveyearplan

IS the £10,000 in a joint account?

juno23

thanks all - the savings are in a joint First Direct (UK) account right now but can be transferred to the US in the blink of a phone call.

If we were going, I would pack in work so I wouldn't have an income coming in - would you still be allowed to go BR if you make yourself BR in this way?

My wife would stay with her family over there, and jobswise it's the same or slightly better than here - I work in Marketing.

I was planning on filing here but if anyone had any thoughts on the pros and cons of that, it would be interesting to hear too.

positivestep_2

You can file your bankruptcy at the High Court, Strand and then join your family in America straight after. The OR will then interview you by phone. There is no need for you to remain in England to conduct your bankruptcy affairs once you've been to court. The OR could find out that you had £10K in savings and will ask you what you've done with the money. Your income and expenditure will be based on your new circumstances in the States.