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If you declare yourself bankrupt in the uk and own a

property in spain and havent declared...
if you declare yourself bankrupt in the uk and own a property in spain
and havent declared it what happens and will they take it to offset debt
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Answered in 34 minutes by:
7/17/2017
F E SMITH
F E SMITH, Solicitor
Category: UK Bankruptcy Law
Satisfied Customers: 9,866
Experience: Ll.b Hons and 30 years qualified
Verified

Hello - can you explain your situtation - why didnt you declare it?

Ask Your Own UK Bankruptcy Law Question
Customer reply replied 4 months ago
it wasn't me but she is 70 years old and was going through a tribunal relating to housing benefit in the uk.
(she overstayed the 3 month thing as she has grandchildren abroad and they stopped housing benefit etc)
anyway, she lost the tribunal and is now in tens of thousands of pounds worth of debt,during the tribunal she did not declare a small property in spain for fear of losing that too.
now the smartest thing would be to declare herself bankrupt as she also has a property bought during the boom which crashed and is in negative equity,all of which she will not be able to pay back in her lifetime.
we recommended total bankruptcy but she is scared of losing her flat in spain
Customer reply replied 4 months ago
what happens now will you answer

If the property is owned outright or with substantial equity then the Official Receiver will have an interest in it all though he may take a cash sum rather than local proceedings to force a sale.

In the bankruptcy application form it does ask whether there are any foreign properties although as there is no UK record of foreign properties, it is very difficult for the Official Receiver to discover if there are any..

If this was missed declared and it comes out later, it’s likely to be classed as mist declaration/non-cooperation in the bankruptcy period can be extended.

So in this case, I can only tell her that she must declare the property in Spain and whether the official receiver has any interest in it or not will depend on the value and the equity in it.

Can I clarify anything else for you?

Please take a moment to look at the top right hand corner of the page and rate my service by clicking one of the stars at the top of the screen. It’s important you use the rating service because that gives me credit. It doesn’t just give me a pat on the head! All you need to do is press Submit. Thank you. If you still need any point clarifying, I will still reply because the thread does not close.

Best wishes.

FES.

F E SMITH
F E SMITH, Solicitor
Category: UK Bankruptcy Law
Satisfied Customers: 9,866
Experience: Ll.b Hons and 30 years qualified
Verified
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F E SMITH
F E SMITH
F E SMITH, Solicitor
Category: UK Bankruptcy Law
Satisfied Customers: 9,866
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Experience: Ll.b Hons and 30 years qualified

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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