Own house in Ireland and the UK - bankrupty?

dutchy21

Hey,

I'm Irish and have been living and working in the UK since 2003.

I bought a house in Ireland at the height of the Irish property boom and the house that I bought is now worth 50%/60% of what I paid for it, therefore in massive negative equity. I also own a house in the UK with my wife which we bought last year.
With plummeting rents in Ireland and the mass departure of a generation of people, it is highly unlikely that I will be able to continue to rent my house out in Ireland and therefore I won't be able to afford to pay the mortgage on that house plus the mortgage on the house in the UK.
I am constantly throwing money into what seems like a black hole in Ireland and with property prices still falling I feel it would be best to cut my losses and run!

Is filing for bankruptcy an option for me? If I do so would my house in Ireland and the UK be reposessed? I earn £46k and my wife earns £36k and as we would like to start a family sooner rather than later we feel that with the house in Ireland in our lives we may never be able to afford to have children. What can I do? I am very stressed about the whole thing and don't know what to do! Should I just stick it out and keep pouring money into this bad investment or should I try to sell up and walk away with a large debt and nothing to show for it? Or file for bankruptcy?

Anyone been in this situation before and knows what to do?
Please help!

Fol20

Why in the name of god did you buy a house in uk last year when you knew your irish house was in neg equity?

BuffyBot

Please don't cross post the same topic on different fora.