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Hi, I'm likely to be sued on a debt around £4000 quite soon, and am likely to lose. It's a loan from 2008. It's quite likely I will end up with a CCJ.

 

I am looking at the possibility of going bankrupt on a total debt somewhere over £38000. Is the potential CCJ a problem? Does it make any difference at all?

 

I only started thinking about bankruptcy in the last couple of days. Both credit cards have backed off (£10k and £5k) but the rest is a problem. A £10k loan may be unenforceable, but that still leaves over £13k.

 

Brief history my wife hasn't been able to get work for over a year. Damage to budget £600pm. I don't get overtime any more. Damage £500. So overall we are £1100 a month worse off. Normal bills leave me with a surplus of £100 a month. Of course when the receiver is done, it will be more than that as I'll probably lose the car etc.

 

Any advice on the CCJ issue, or any other would be appreciated.:)

I'm also worried about my company pension; it would probably be better to spend the rest of my working life paying CCJs than lose my pension.

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The CCJ doesnt have any affect on bankruptcy, unless, with knowledge of the CCJ, you paid other creditors off completely, Thats a potentially criminal matter (not prosecuted by the Police, but the Insolvency Service and its put into context of the whole materiality of your deficiency). A CCJ is a civil matter that can only be enforced by a bailiff visiting your home and taking goods to the value of the amount outstanding on the CCJ, and that can only be done with a court order. Your car maybe at risk if you dont keep any payments up on the CCJ, before the Bankruptcy is in place, as its asset that maybe able to levy on.

 

If you need your car to keep working, so long as its value is below circa £2000, owned outright by you only, you can claim it as exempt from realisation for your creditors (ie keep it) If its on finance, unless it has a value more than the money owed on it (that can be sold and used for the creditors) then its up to the finance co if they want to recover it if you owe money on it etc.

 

Your pension is fine. You wont lose it. If its a pension approved by the Govt, as most Company Pensions are, then it wont be included in your bankruptcy. The only time pensions are looked at are when, They are not approved, they are private and you could have put £1000s per month in them to avoid the creditors getting it. Insolvency can be very complicated.

Edited by bo54col
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