Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By william0467
#2071 Hi, I am new here, but I hope someone can help. I live in France but have debts in England I can't meet. I was expecting to cover them with the sale of my business but this hasn't raised enough to cover them. I co-own a house in France, but have nothing other than a sole and a joint bank account in England. If I go voluntarily bankrupt - I have no income in france - can they seize any of my french assets - e.g. french home. Also how do things stand with a joint bank account in England.

Thanks in advance for any advice.
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By Nicky
#2080 Any assets you have will be at risk, and any bank account you have would normally be frozen.

Is bankruptcy your only option? It might be worth getting a free Financial Assessment to see what you options are so that bankruptcy may be avoided.

FCL Debt Clinic can offer you this - 0800 716239, or National DebtLine 0808 8084000 is another. As long as you have a UK bank account and the debts are UK, a Debt Management plan may be suitable for now.
By william0467
#2081 Hi Nicky

thanks for your reply - I hadn't considered that so really appreciate your help.
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By JaneClack
#2096 Your proportion of the jointly owned property in France would DEFINITELY form part of your bankruptcy estate as WORLDWIDE assets go to the Official Receiver. Not telling him about this would be classed as fraudulent so this is not an option. A DMP might be ideal for you but you would need a surplus income that is worthwhile transferring and you would be liable for the transfer fees. However, a lot of people do this very successfully so following Nicky's advice would be sensible.