Bankruptcy and working in EU


I’m a male, 35. I have managed to get myself into approx £30k debt. The debt is comprised of 

-Two bank loans with approx 18k owed.

-credit card with 8500 owed

-bank overdraft around 3000 owed.

I earn approx £2000 per month after tax, I am managing to repay each month- I haven’t missed any payments but have little disposable income.  

Unfortunately I am likely to lose my job soon so may find myself in a position to consider bankruptcy. 

  • If I go bankrupt in the UK, but then find work elsewhere in the EU, what will happen to my income or any disposable income? 
  • From anyone who has experienced bankruptcy, how did it feel and what have been the main benefits or drawbacks ?
  • I am not interested in borrowing money in the near future for mortgage or any other reasons, so these limitations of bankruptcy don’t concern me. Are there any other issues that will affect me negatively ?
  • I know I can find another job with reasonable income and I can live frugally, but how much of my income is likely to be taken if I do find another job? 



  • mwarbymwarby Forumite
    2K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    No matter where in world you go, your still obliged to pay an IPA if one is due. Although if you intended to leave uk and never return you might find ignoring it doesn’t have a massive effect (but then on your return you’d still be bankrupt and still need to pay)

    The amount of income taken is the difference between your income and allowable expenses. This comes from your SOA initially, but you need to keep the OR up to date with changes.

    Your SOA would be checked by the OR to ensure the figures are reasonable (the idea is to support a reasonable standard of living), they have a list of limits which apply to each category (but these are secret). Those limits aren’t hard limits but a prompt to OR to check that the figures are reasonable

    if you use and post the results we can help you identify items which the OR might object to, and areas which you may have missed or underestimated 
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