Accessing foriegn funds

psrlva

Hi All, Im in a real pickle as my husband owes a lot of people money and Im desperately trying to keep afloat for myself and kids. He is thinking of filing for bankruptcy as his debts outweigh his assets. We do have a small property in Spain which we have been trying to sell for a while as cant afford to run it or visit it. His part of the equity wont stop the bankruptcy but obviously will help pay someone something. However he now tells me that because of brexit assetts abroad dont have to be declared or used. He argues that its difficult to get money out of the country etc etc. I have fallen foul of beleiving him for years but I cant seem to find the answer to this on the internet. Does anyone know if this is true?

luvchocolate

I very much doubt that is true..maybe give Stepchange or National Debtline a call 

psrlva

Thank you, unfortunately everywhere i go for help have their own agenda or want to know every detail of his situation before they will advise

Minkym00

He will have to declare all assets in the UK or abroad, irrespective of Brexit. Plus, hiding assets is a criminal offence. 

Sonic101

psrlva said:

Thank you, unfortunately everywhere i go for help have their own agenda or want to know every detail of his situation before they will advise

Hi there 
I can understand how you feel, as my situation isn’t ‘run of the mill’ and I get the impression that debt advisors’ always go through standard procedures for ‘run of the mill’ situations (for example usually start by going through income and expenditure)).
That said, I’ve also found advisors at National Debtline and StepChange to be supportive and kind - and if nothing else, they will be able to advise you about your income and expenditure - and in your case, advise you about foreign assets (which, as Minkym00 said, you shouldn’t attempt to conceal). 

MaryLongstaff

Hi Psriva, as far as I'm aware, Brexit had no effect on whether you need to declare foreign assets during bankruptcy. This is a global case in UK bankruptcy. So your husband WOULD have to declare your Spanish property during bankruptcy. I'm not sure what would be the cheaper option regarding selling the house and using the equity (minus any capital gains tax) to pay off the debt as you said it might not be worth it if it wouldn't cover debts and prevent bankruptcy. Plus, and I'm no expert in this at all, i imagine if you've been struggling to sell the property for a while I doubt it's any easier at the moment. (I could be wrong).

Overall - definitely declare the property and sell it for equity, either way don't fail to include it!!

Hope this helps