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  • FIRST POST
    • TesseractWorld
    • By TesseractWorld 10th Oct 17, 3:38 PM
    • 2Posts
    • 0Thanks
    TesseractWorld
    SOA Posted - Going Bankrupt - Need Help
    • #1
    • 10th Oct 17, 3:38 PM
    SOA Posted - Going Bankrupt - Need Help 10th Oct 17 at 3:38 PM
    Hi there,

    1 - Due to a change in circumstances with my girlfriend leaving me I will not have to take on all bills and cannot afford them so will be applying for Bankruptcy.

    2 - Can someone please look at my SOA below and see what the examiner or OR would think, are my allowances in line to be accepted?

    3 - Thanks in advance for any help you might be able to give me.



    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 0

    Monthly Income Details

    Monthly income after tax................ 1750
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1750


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 272
    Rent.................................... 695
    Management charge (leasehold property).. 0
    Council tax............................. 101
    Electricity............................. 40
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 35
    Telephone (land line)................... 45
    Mobile phone............................ 0
    TV Licence.............................. 13
    Satellite/Cable TV...................... 0
    Internet Services....................... 25
    Groceries etc. ......................... 250
    Clothing................................ 50
    Petrol/diesel........................... 200
    Road tax................................ 18
    Car Insurance........................... 82
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 50
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 30
    Emergency fund.......................... 0
    Total monthly expenses.................. 1956



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 0



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 0........(0)........0
    Hire Purchase (HP) debt ...... 10500....(272)......0
    Total secured & HP debts...... 10500.....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit Card 1..................2500......125.......0
    Credit Card 2..................1750......61........0
    Credit Card 3..................1500......55........0
    Link Parking...................771.......43........0
    eBay...........................250.......10....... .0
    Wescot Credit Service..........4000......20........0
    Park Motor Finance.............4000......20........0
    Littlewoods....................150.......20....... .0
    Credit Card 5..................200.......6.........0
    Credit Card 4..................1500......60........0
    Total unsecured debts..........16621.....420.......-



    Monthly Budget Summary

    Total monthly income.................... 1,750
    Expenses (including HP & secured debts). 1,956
    Available for debt repayments........... -206
    Monthly UNsecured debt repayments....... 420
    Amount short for making debt repayments. -626


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -10,500
    Total Unsecured debt.................... -16,621
    Net Assets.............................. -27,121


    Created using the SOA calculator at
    Reproduced on Moneysavingexpert with permission, using other browser.
Page 1
    • StopIt
    • By StopIt 10th Oct 17, 3:50 PM
    • 1,128 Posts
    • 977 Thanks
    StopIt
    • #2
    • 10th Oct 17, 3:50 PM
    • #2
    • 10th Oct 17, 3:50 PM
    While you look like you'll have no issues with declaring bankruptcy, there's one thing that you need to address to sort out the shortfall in your budget.


    Considering you cannot afford it at all now, you need to hand the car back, and put any shortfall in the finance into the bankruptcy proceedings. You're currently spending £600 a month on your car alone. If you need one for work, you'll need to get a cheap one and run it into the ground while under BR, as you cannot service a £10k debt in bankruptcy as you're still be insolvent as per your SOA.
    • Robin9
    • By Robin9 10th Oct 17, 3:50 PM
    • 1,726 Posts
    • 1,123 Thanks
    Robin9
    • #3
    • 10th Oct 17, 3:50 PM
    • #3
    • 10th Oct 17, 3:50 PM
    A few initial comments.

    £250 for groceries for one person - £125 if you shop carefully
    £30 for holiday - you can't have one
    £50 for clothing - use whats in your wardrobe

    You should be able to live on £1750 a month - it's 3 times my state pension
    Never pay on an estimated bill
    • enthusiasticsaver
    • By enthusiasticsaver 10th Oct 17, 5:09 PM
    • 4,449 Posts
    • 8,275 Thanks
    enthusiasticsaver
    • #4
    • 10th Oct 17, 5:09 PM
    • #4
    • 10th Oct 17, 5:09 PM
    I don't think you can keep any car over the value of £1k in bankruptcy so I don't think they will agree to the £272 going to that.
    Countdown to early retirement on 21.12.17 2 months to go.
    • luvchocolate
    • By luvchocolate 10th Oct 17, 5:15 PM
    • 1,469 Posts
    • 1,324 Thanks
    luvchocolate
    • #5
    • 10th Oct 17, 5:15 PM
    • #5
    • 10th Oct 17, 5:15 PM
    A few initial comments.

    £250 for groceries for one person - £125 if you shop carefully
    £30 for holiday - you can't have one
    £50 for clothing - use whats in your wardrobe

    You should be able to live on £1750 a month - it's 3 times my state pension
    Originally posted by Robin9
    Groceries are fine you can even go higher, you are allowed clothing and also a holiday.
    • luvchocolate
    • By luvchocolate 10th Oct 17, 5:20 PM
    • 1,469 Posts
    • 1,324 Thanks
    luvchocolate
    • #6
    • 10th Oct 17, 5:20 PM
    • #6
    • 10th Oct 17, 5:20 PM
    Check your agreement on the car its highly possible they will want that back.
    You are allowed £1,000 to £1,500 on a car.
    Your council tax for this tax year will go into the B.R so you will not be making those payments until April next year.
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