Outstanding community fees

Hi. With the recession we have been struggling to keep our apartment but consequent are in arrears with our community fees and mortgage.
My husband went bankrupt in December in the UK ( we live in UK) but we've still been struggling along. Now Banco Pastor have said that they are starting legal proceedings on the apartment. They cannot tell me the timescale of how long things take but I wanted to ask anyone if I go bankrupt to will the community fees and outstanding wealth tax be absorbed in the bankruptcy?
Thank you

If you go bankrupt  and hand the property back to the bank, and you  have not paid your community fees  the bank will pay the last 2 years only of your fees.

Thank you for that. Do you know about the wealth tax also?
Julie x

Hi sorry to hear about your situation try the link to this webpage you may find answers to any of the legal questions that you may need to know

www.tumbit.com/how-to-guides/articles/45-when-you-cant-pay-the-mortgage.html

 

Wealth tax

The Spanish wealth tax is based on the net assets held as of December 31, for each year, and the rate of wealth tax ranges from 0.2% to 2.5%. Residents are subject to the wealth tax on their worldwide assets, while non-Spanish tax residents are subject to the wealth tax only for the assets located or exercisable in Spain.

 

The new measures concerning the Spanish wealth tax provide:

 

• The wealth tax will be applicable for tax years 2011 and 2012, and then is scheduled to “sunset” with the 100% tax allowance reinstated and again to apply, as of 1 January 2013.
• The minimum tax exemption amount is increased to €700,000 (previously an exemption of approximately €108,182 was available as a general rule).
• The tax exemption amount for a taxpayer’s residence is increased to €300,000 (from the previous limit of approximately €150,253).

 

The wealth tax is collected by the different “autonomous communities” in Spain. As such, these entities are authorized to modify the minimum tax exemption, tax rates, and tax allowances. Therefore, taxpayers need to consider any tax measures approved by the autonomous communities before 31 December 2011, when the wealth tax accrues.

On La  Torre people that owe community money are being chased back  to the uk  for what they owe, This is being done by uk debt recovery companies.

Ok just trying to clarify:
Our Spanish property is in negative equity by about €30k
We owe on community fees of €6k and wealth tax not paid for 3yrs
If I hand apartment bck and go bankrupt in uk and have no equity either in uk house what can they do?

Thanks for help guys much appreciated!

Dear all,

I'm am a solicitor in London and specialise in insolvency law and debt collection. I cannot advise on individual cases but if someone declares themselves bankrupt, that individual's assets and property vest in his or her Trustee in Bankruptcy. That will include your home. There are other consequences.

I hope that is helpful, even though it might not be what you wanted to hear. Sorry.

Regards,

Jeremy Boyle. Welbeck Law LLP.