What happens to CCJ if I go bankrupt?

[Rocky Roadster]

Hi all,

Can some tell me what happens to existing CCJs if I go bankrupt please?

 

Do they just carry on in addition to bankruptcy?

Are they bunched with the other debts and and continue to receive the agree repayment or a pro-rata payment?

Are they cleared after the bankruptcy period is finished or do they go on forever?

 

 

Thanks in anticipation,

[Rocky Roadster]

Hi all,

Can some tell me what happens to existing CCJs if I go bankrupt please?

 

Do they just carry on in addition to bankruptcy?

Are they bunched with the other debts and and continue to receive the agree repayment or a pro-rata payment?

Are they cleared after the bankruptcy period is finished or do they go on forever?

 

 

Thanks in anticipation,

[bigandyuk1]

In my case they were satisfied by the bankruptcy, but still show on the CRA register until 6 years after they were issued. Mine are now starting to drop off the register.

[Rocky Roadster]

Thanks Andy

[Halibutt]

Quite right from Andy. A CCJ rmains on your record for the 6 year period, regardless of other financial circumstances. It's a record that a judgement has been made against an individual.

A bankruptcy won't change that, even though entries may be amended to read "satisfied."

 

Like most, it's just a case of waiting for the entries to drop away.

[Rocky Roadster]

Thanks,

 

I am not bothered about my credit record, but I didn't know whether you could get clear of bankruptcy and still have a CCA debt repayment arrangement around your neck for ever more.

 

I am dealing with my debtors but I need to work out whether bankruptcy may be the best long term option for me.

 

Thanks,

[Halibutt]

General advice seems to be that bankruptcy should be a last resort. After all, it costs YOU to be declared bankrupt and any assets can be sold off in order to satisfy creditors.

 

I'd say that if you can manage to come to arrangements with creditors, then that would be your best option.

[Rocky Roadster]

Good advice Halibutt, cheers.

 

I have already stopped some creditors hassling me because they do not have the correct paperwork and I will continue down this road and make arrangements with the others.

 

I have an overdraft and a loan with Natwest and they are playing hardball so they might bankrupt me, I don't know. I am making an offer for repayment and see what they do.

[coledog]

Rocky, bankruptcy knackers everything for 6 years and a creditor will only do it if they think that you have the assets to pay them AND everyone else, don't even consider it until you have done your best to deal with everyone and never pay more than you can afford comfortably.

[Rocky Roadster]

Thanks Coledog - battling on!

[babybear39]

Just out of interest, do you have any assets and is your job at risk if you were to go the BR route?

[impecunious]

If any of the CCJs were for damages for Personal Injury Claims they would still be extant as far as bankruptcy is concerned - that also applies to Student Loans.

 

I looked at the option of bankruptcy but because I have a student loan and an unsatisfied CCJ in respect of PI claim, I'd still be hugely in debt after BR.

 

Not fair eh??

 

 

Impecunious!

[Rocky Roadster]

Hi baby bear and impecunious,

 

I have minimal assets, nothing that would cover the debts. No property. Wouldn't effect my job. CCJs are for cc/ loans only, no damages or PI claims.We have horses that we are trying to sell to raise money but the market is dead.

 

I do have a personal pension (value £30k) which pays £3000 pa. Would that be taken in bankruptcy?

Cheers,

[coledog]

Not sure about pension - could depend on your age, you would need to get very specialist advice on that I think. Life Insurance policies are, I believe, included.

[babybear39]

Contact the Insolvency Service for more detailed advice.

[Rocky Roadster]

Will seek specialist advice as you suggest. Meanwhile will try to keep the wolves from the door.

 

Many thanks,

[coledog]

Good - often a threat to the 'wolves' of 'I am investigating the possibility of personal bankrupcy' will keep them in check as they know that they would be unlikely to get anything! Keep the options open and get all the facts from more than one source, if you can.

[impecunious]

I think from advice given on here that bankruptcy is really a very last resort. You may find other options less traumatic. Methinks you have to give yourself plenty of reading time and take good advice.

 

Best of luck!

 

 

Impecunious!

[sequenci]

The CCJ would be disolved within the bankruptcy UNLESS it has been secured to property.

[Rocky Roadster]

Many thanks,

[sequenci]

No worries Always here to help!

[debtdiary]

What happens if it is related to a CO (if that's what you meant by "secured to property")?

[sequenci]

What happens if it is related to a CO (if that's what you meant by "secured to property")?

 

It wouldn't automatically be made subject to the bankruptcy as the debt is secured to the property.

 

Is there equity within the property?

[debtdiary]

No equity in my case. I'm at a bit of a loss as to why they've pursued a CO - I presume it was some sort of accounting write-off practice as they've now instantly agreed to a tenner a month on a balance in five figures without even asking for I&E... which is what I was offering for the two years previous.

[sequenci]

No equity in my case. I'm at a bit of a loss as to why they've pursued a CO - I presume it was some sort of accounting write-off practice as they've now instantly agreed to a tenner a month on a balance in five figures without even asking for I&E... which is what I was offering for the two years previous.

 

Would the property have negative equity even without the CO?