Pros & Cons of self bankruptcy

Dustt

Hi everyone,

I'd be grateful to get some info on pros and cons of appying to make yourself bankrupt, Versus, let one of the creditors do it, in a situation where there's some limited equity in the house that could be shared between a number of creditors, paying them only partially, once the house is sold off? (House in joint name, husband becoming bankrupt, but not the wife).

Also, once the house is sold and one becomes homeless, therefore would need to appy to the council for housing, would self-bankruptcy be seen to be a form of "Intentional" homelessness?

Thanks in advance,

eskbanker

Probably worth posting on the dedicated bankruptcy board rather than the one about credit files and ratings?

https://forums.moneysavingexpert.com/categories/bankruptcy-living-with-it