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Bankruptcy Law
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how far can the bankruptcy go?

how far can the bankruptcy go?
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Answered in 11 minutes by:
10/8/2012
Fritz
Fritz, Attorney
Category: Bankruptcy Law
Satisfied Customers: 302
Experience: Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases
Verified

Fritz :

A bankrupt may be discharged (freed from obligations under the bankruptcy order) after the one year.


Discharge is not necessarily automatic and can be postponed by the Court.

Customer:

what does that mean


 

Fritz :

one moment please


 

Customer:

do you mean even after one year the court may actually make it longer


 

Fritz :

Yes, it will depend on the complexity of your case...

Fritz :

In most instances, the case will end after one year. The Official Receiver will tell you when the bankruptcy is over. Most debts that haven't been paid will be written off. Some debts are not written off at the end of bankruptcy, and you will need to make arrangements to sort these out.

Customer:

ok, what about the extension of this

Customer:

i mean does it go beyond the uk

Fritz :

Can you clarify please? Do you mean whether the bankruptcy would discharge foreign debts?

Fritz :

Also, are you currently living in the UK?

Customer:

no


i mean that if i want to go to France or any other country do i have to declare my bankruptcy there as well.


 

Fritz :

Yes, you would. One of the benefits of filing bankruptcy, however, is that your French creditors, for instance, could not pursue you in the UK after your bankruptcy discharge.

Fritz :

They could still pursue you in France if you were to move there.

Customer:

ok


what if i have a flat in Spain would the court find out or my bankruptcy is only in the uk

Customer:

are you there


 

Fritz :

yes


 

Fritz :

Sorry, my connection is a little slow

Customer:

ok


what if i have a flat in Spain would the court find out or my bankruptcy is only in the uk

Fritz :

This is a little tricky...

Customer:

mmmmm


how


 

Customer:

i mean what is the bankruptcy law in the uk exactly


 

Fritz :

Technically, all property belonging to the debtor, wherever situated, is covered by the Insolvency Act of 1986.

Customer:

and do i have to declare it and if i do not how are they going to find out about my asset in other country like in USA or Canada or even Australia

Fritz :

As a practical matter, the issue is that the UK Trustee would have trouble doing something like selling the Spanish property, as the UK Trustee would have no legal authority to act in Spain.

Fritz :

What do you intend to do with these properties?

Fritz :

Because if you intend to dispose of them, you should declare them in your bankruptcy, and then the creditors will not be able to collect against you in the UK.

Customer:

what do you mean


 

Fritz :

There are a lot of difficult issues in this case, and the best course of action would be to discuss the matter with a local insolvency lawyer.

Fritz :

For instance, if you are collecting rents on any of the properties, you could have a problem if you fail to disclose this to the Trustee.

Customer:

ok thanks

Fritz
Fritz, Attorney
Category: Bankruptcy Law
Satisfied Customers: 302
Experience: Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases
Verified
Fritz and 87 other Bankruptcy Law Specialists are ready to help you
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Fritz
Fritz
Fritz, Attorney
Category: Bankruptcy Law
Satisfied Customers: 302
302 Satisfied Customers
Experience: Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

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