Six years ago I obtained a court judgment for a debt approaching £30,000. The debtor now has sufficient equity in his property to pay back the money, but he has recently married a woman with a disabled son. If I were to apply for a bankruptcy order, would this affect my chances of getting my money?
If you made the debtor bankrupt the home can be sold at any time up to three years from the date of bankruptcy. The wife and child probably have rights of occupation, but after 12 months your right to be paid would outweigh the wife’s rights unless there are exceptional circumstances. However it is expensive to petition for bankruptcy. A better solution might be to apply to the court for a charging order over your debtor’s property. It would be advisable to consult a solicitor.