I am a UK citizen now retired and living in Turkey. I have debts in the UK (bank overdraft, credit cards, unpaid legal fees and rent) amounting to some GBP 80,000. I have no assets in the UK and no income apart from my UK pension. I rarely visit the UK say 3 or 4 days every 2 months. It is highly improbable that, at 67 years of age and with no income, that I will ever be in a position to settle these debts or indeed any proposed settlement. I am, therefore, seriously considering declaring bankruptcy. I am not at all concerned about the implications, reputation/inability to get credit etc in the UK. How do I go about this application for declaration of bankruptcy and importantly would there be any implications for my Turkish wife who owns the flat in which we live in Istanbul and our car? Are there any other important matters to consider in your opinion? Many thanks.
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Thank you for your question. In order for me to help you could you please let me know: (1) are you concerned to preserve your UK pension? (2) Is it a State or Private pension? (3) You say that your wife has assets in Turkey - do you?
1) I would like to preserve my UK pension 2) it is a State Pension 3) our home in Istanbul was put in my name to enable us to obtain a mortgage but she makes the mortgage payments..
Ok in that case I am not sure I would recommend bankruptcy. If you file voluntarily then you will have to pay the costs and your trustee can take your income for 3 years and only release a minimum amount to you. also if the property in turkey is in your name the truste could try and sell that . I would be inclined to tell your creditors you are non resident and have no assets and are simply not in a position to pay.
30 years in commercial law
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