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Hi. We talked a few weeks ago about debt collection on this in the US, the possibility of bankruptcy here or the UK, etc. correct?
Yes that's correct
I can discuss any US issues with you.
I want to get more clarity of what it takes to declare bankruptcy here in the US - so if they do pursue me with a court order over here, I have clarity over my options
Sure. What can I answer for you?
I have minimal assets and am currently working, with a take home salary of about $100,000.
With this, and a debt of 150,000 GBP, I presume I cannot declare bankruptcy
But would rather be forced to make repayment
No, you could still declare bankruptcy. However, I think you are going to have questions that will require a bankruptcy expert. It would probably be better for me to opt out and send it to that section.
Would you have any objection to that?
I know the general info but the specifics need someone who works with it every day.
sounds like a good plan
I'll switch it over then. Best wishes on it.
Hello,Different contributor here. I cannot use the website "chat" feature. However I have fairly expansive knowledge of U.S. bankruptcy law. Please permit me to assist.
1. What is the nature of the debt (breach of contract, credit card, bad business loan, home mortgage, criminal restitution, income tax liability, etc.)?
2. Have you already been sued, and a judgment issued from a court confirming the debt and its amount?
3. In which U.S. jurisdiction do you currently reside?
4. If you have resided in the jurisdiction for less than three years and four months, then where did you reside previously, and for how long?
5. If you have specific questions, please provide them, so I can narrow the focus and address them specifically.
Thanks in advance.
Context: I moved to CA on 12Jan2012 with my wife and son.Previously we lived in the UK. In 2003 I bought a buy2let property in Cyprus. With the financial crisis of '08 the rental income dropped, the mortgage rose and the property went into negative equity. The bank as engaged a debt collection agency in the UK to chase me for the mortgage arrears of 11,000 GBP and I am trying to sell the property, leaving a short fall of 160,000 GBP on the property value, which I am liable for under Cypriot & British Law. Both my wife and I currently work. I make $100,000 after tax. We have signed a post nup and put all our assets in my wife's name - house and cars essentially.
1) Home mortgage - on a buy2let property in Cyprus that has fallen into negative equity and on which I am in arrears on the mortgage (see context above)
2) no - just informed by a debt collection agency for the mortgage arrears
3) CA, San Francisco Bay Area
4) London, UK for 20 yrs
5) My question relates to the fact that if I do not pay the 160,000GBP and there is a court order made in the UK, that gets domesticated in the US - then what are my options? Either if I keep working, drop my income or stop working.
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