No Assets, CCJ and bankruptcy

Banquo21

I am currently £30,000 in debt with unsecured loans, credit cards and overdrafts. I live with my wife in her home. It is solely in her name and have been assured I have no beneficial interest in the home. I purposely failed my IVA because the payments were too high for me to afford each month. It was less than a year old and was pressured into taking it but that's not the point.

What I want advice on is would it be better to petition for Bankruptcy myself or wait for my creditors to do it? I can handle the letters and phone calls that will inevitably come my way once my failure certificate comes through next week. I don't have money to pay them anyway. I have no assets whatsoever. Would they try and get a CCJ against me?

I have the bankruptcy form more or less filled in but I am really struggling raising the money to do it myself. I could probably raise it in about three months, but don't want the spectre of a CCJ hanging over me. I work so don't have the option of getting help with the funds.

Any help would be appreciated.

alastairq

It is solely in her name and have been assured I have no beneficial interest in the home.

Who told you that? How long have you been living together?

Would they try and get a CCJ against me?

Probably, eventually.

would it be better to petition for Bankruptcy myself or wait for my creditors to do it?

IT is unlikely a creditor would seek a BR due to the high cost of a creditor's petition. HMRC are an exception, however.

but don't want the spectre of a CCJ hanging over me.

Any CCJ sought between now and the BR petition would be trumped by that petition. Any CCJ, as above , would disappear from your credit records before the Bankruptcy. It is important any CCJ application post-petition is dealt with promptly, by informing the Court of the presence of a petition.

The main issue you would have is, whether the OR deems there is a BI in the marital home?

Banquo21

In regard to the house I have spoken to various experts and debt charities and with this thread https://forums.moneysavingexpert.com/discussion/5154646

I think I have no beneficial interest

Parker45

I have the bankruptcy form more or less filled in but I am really struggling raising the money to do it myself. I could probably raise it in about three months, but don't want the spectre of a CCJ hanging over me. I work so don't have the option of getting help with the funds.