personal bankruptcy question

[GoNz0]

it looks like my past is starting to catch up with me, this could end up being a few thousand pounds.

basiclly i have been moving around a lot and no one has caught up with me, but they are starting to catch up with me now.

a few may go away with the limitations act, but i have a mortgage and possible CCJ's against me that i will not be able to pay back. Circumstances have changed and i am now out of work, i am not claiming benefits as i am hoping to set up as a sole trader doing PC repairs as this does not cost a lot to set up. I have most of the tools to do this so will under no circumstance require credit, if I do require credit i can get it through family if needs arise.

in fact i do not own anything, i have moved in with my new wife to her home and the mortage is in her name, i simply pay rent.
My car is owned by my father, im the main driver. i own clothes and a mobile phone on PAYG. I have no direct debits setup with my bank. My savings are less than £1000.

is bankruptcy a viable option for me ? and what implications would it have if i start my own business as soon as im made bancrupt ?

i assume its a daft idea to start the business now before i sort this impending situation out ?

[powelll]

You need to be careful as although the home you live in is in your wife's sole name the fact that you pay 'rent' means that you will have probably built up a 'beneficial interest' in the property. Depending on the exact circs ( e.g. how long had she had the house before you moved in, how much do you pay etc ) this may or may not be taken into account as an asset if you declare bankruptcy. If you are looking to be a sole trader you also need to be aware that you can't trade under any other name than that which you have been made bankrupt under...

There will possibly be other implications but I would recommend you speak to someone who knows their stuff - National Debtline 0808 808 4000 is free & confidential 7 they are v knowledgeable on bankruptcy - best of luck!

[rory32]

As powelll says speak to national debtline. Also you may want to speak to any insolvency practitioner (they usually give you the first hour free) as you need to understand the down side as well as the up side of bankcruptcy. I thought about it a couple of years ago and decided it was the wrong option for me but it may well be the right one for you.

[tlusnoc]

Appears you have been avoiding your responsibilities. Why don't you make a repayment plan and pay them all off.

[The Phantom]

My other half has just gone through bankruptcy.
You should seek advice tailored to your individual circumstances. As posted above National Debtline or your Citizen Advice Bureau who helped my OH to go down the Bankruptcy Route. For him it was the only way, we did keep our house though (jointly owned but no equity) and didn't really loose any assets as such either (we just have a car which is under HP and wasn't affected)
But if you are seriously thinking about bankruptcy to clear old debts you MUST get proper advice tailored to your own personal circumstances !!!
It will cost you approx £475.- to declare yourself bankrupt, this covers court fees and the Official Receiver

[GoNz0]

Originally Posted by tlusnoc

Appears you have been avoiding your responsibilities. Why don't you make a repayment plan and pay them all off.

because a percentage of nothing, is nothing. I have nothing to my name.


thanks for the replys everyone else.