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Hi, I'm not sure if I'm in the right place but wanted some advice regarding declaring myself bankrupt.

My husband came out if work so we struggled to manage all our bills. We cut back as best we could but one if our creditors put a ccj attachment on our home. Which automatically clears when we sell . The problem being we are in negative equity and our credit is effected, we remain in bad credit from for 5 years from the day the ccj is paid. We currently make monthly repayments but they barely touch it. I guess what I wanted to know was is there a way I can keep our house, go bankrupt to clear the ccj that way we can start building our credit up again? This ccj will ruin our credit for at least 5 -10 years as we can't sell. It's disheartening.

Many thanks in advance

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Hi and welcome to CAG.

 

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Sadly going bankrupt will affect the house... Its an asset and it means it will be taken into account.

Who is the debt from and who has it now. CCJ Amount?

 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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Sadly going bankrupt will affect the house... Its an asset and it means it will be taken into account.

Who is the debt from and who has it now. CCJ Amount?

 

I thought I read somewhere that if you are in negative equity you can apply for a benefit if I treat or something, and if you are in less than 1000 equity for two years and three months you can keep it.

It was for a kitchen we had fitted it may be link financial services I may have to check. We used a debt consolidation and this was the only company refusing to comply. They ask us to up our payments every 6 months.

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I thought I read somewhere that if you are in negative equity you can apply for a benefit if I treat or something, and if you are in less than 1000 equity for two years and three months you can keep it.

It was for a kitchen we had fitted it may be link financial services I may have to check. We used a debt consolidation and this was the only company refusing to comply. They ask us to up our payments every 6 months.

The debt on the house is for 6000 I think ( my husband usually sorts this debt)

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Link?! Stay off the phone... They will say anything to get you to pay or change the payment arrangements...

 

You only have to pay what you can afford regardless if there is a charge on the house...

 

If they don't like how much is being paid then tough luck... As long as you keep paying they will find it hard to get the sale of the house enforced

 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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Link?! Stay off the phone... They will say anything to get you to pay or change the payment arrangements...

 

You only have to pay what you can afford regardless if there is a charge on the house...

 

If they don't like how much is being paid then tough luck... As long as you keep paying they will find it hard to get the sale of the house enforced

 

Thanks for your comments. It was more about the quickest way of regaining good credit again. Go bankrupt and rebuild credit within 5/6 or continue paying what we are barely clearing the debt due to intrest. Say if it takes us 5 years to clear it we then have to wait another 5 on top to get our credit up.

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Hi, I'm not sure if I'm in the right place but wanted some advice regarding declaring myself bankrupt.

My husband came out if work so we struggled to manage all our bills. We cut back as best we could but one if our creditors put a ccj attachment on our home. Which automatically clears when we sell . The problem being we are in negative equity and our credit is effected, we remain in bad credit from for 5 years from the day the ccj is paid. We currently make monthly repayments but they barely touch it. I guess what I wanted to know was is there a way I can keep our house, go bankrupt to clear the ccj that way we can start building our credit up again? This ccj will ruin our credit for at least 5 -10 years as we can't sell. It's disheartening.

Many thanks in advance

 

 

Hi

 

More information on your overall circumstances would be needed to realistically guide you further

 

Could you put up your SOA?

 

In the meantime useful information links below on bankruptcy & other options from the Insolvency Service & Citizens Advice that might help

 

http://www.bis.gov.uk/insolvency/personal-insolvency/bankruptcy-what-is-bankruptcy

 

http://www.bis.gov.uk/insolvency/personal-insolvency/bankrupts-home

 

http://mymoney.nedcab.org.uk/moneyadvice/bankruptcy.asp

 

http://mymoney.nedcab.org.uk/moneyadvice/

 

Make sure you have taken full advice and understand your options before making any decisions

 

Best Wishes

 

W

Edited by Wintry
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I thought I read somewhere that if you are in negative equity you can apply for a benefit if I treat or something, and if you are in less than 1000 equity for two years and three months you can keep it.

It was for a kitchen we had fitted it may be link financial services I may have to check. We used a debt consolidation and this was the only company refusing to comply. They ask us to up our payments every 6 months.

 

If you're in significant negative equity you *could* keep the property. Do you think it'll go up in value over the next few years?

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