Author Topic: Should I go bankrupt because of old ccjs over 6 years old ?  (Read 1257 times)

Marcus43

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Firstly thank you to all of the posters who have ever replied to any one on here. You are life savers I am sure. Indeed forums like this, helping your fellow man, lift the spirit just by existing.

After many, many years I am at the stage, finally, of my income covering my basic out goings. However I have old County Court Judgements, mostly over 6 years old that have "disappeared" from court judgement registry at the trustonline website a couple that will be gone in a year and one more in 3 years. I moved so they were all issued after that (and I think the last one was actually filed after it would have been statute barred). They would all total something like £40,000.

I am very lucky that I am not being chased by any one any more, at least right now, but I am at the point where I would like to start to get my life back again. What I want more than any thing is to be able to buy a modest home again one day.

My questions is this, should I go bankrupt because they will all come back to haunt me in the future or should I do nothing and hope for the best/deal with them on a case by case basis, on token payment plans, if they do ?

If I do the later my credit file (I think) will be clean in 3 more years and as I have not gone bankrupt I guess I would be able to get a mortgage. If I do go bankrupt, from my online searches, it looks like I might be able to get a mortgage theoretically from a niche company after 4 years (if I am discharged after 1 year and finish payment restrictions after another 3 years).

I don't know what to do. Any advice from anyone who has gone down, has experience of, either route would be greatly appreciated.





James Falla

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Re: Should I go bankrupt because of old ccjs over 6 years old ?
« Reply #1 on: Jul 09, 2012, 11:02:10 AM »
Hello Marcus43
In theory if you have received a CCJ for a debt that you owe and you simply ignore it then after 6 years it will be statute barred and the creditor can no longer take legal action against you to enforce the debt. As such any CCJs which you had which are now older than 6 years you should be OK to ignore. The others could still chose to enforce their debts with bailiffs however if they have not done this already and they are not hassling you it might be best to just sit tight.
If one of the live creditors does come after you at a later date, then ultimately as you are not a home owner you would have nothing to lose by going bankruptcy then if necessary.
In terms of getting a mortgage after bankruptcy, as I am sure you are aware, the record of bankruptcy remains on your credit file for 6 years. It might be possible to get a mortgage within that 6 year period but in reality this will very much depend on the size of deposit you have. The length of time it will take for you to get the necessary desposit together will really dictate when you can get a mortgage again.
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