Very recently bankrupt - scared!!!

pugs_2

Hi everyone - this is my first post and you all sound so knowledgable and i really need a little reassurance if you dont mind???

I declared myself bankrupt on friday 28/8/08 after months of debate!

I will be honest and say i was terrible with money and really believe i am better off not being able to get credit................anyway.......

my worries are about my house and my potential income order???

The house is jointly owned (hes not bankrupt!) and it is in serious neg equity of around £30-50,000 but is all up to date and we would love to keep it and transfer interest in equity to my husband (at a cost!!)- will the OR def offer us this option? Would they still make us sell it?

Also i have submitted our 'outgoings' but as i earn a lot more than my husband will they let me pay more towards our outgoings!

I am also 4 months pregnant and just a bit terrified, but on a positive note everyone was lovely at Liverpool court last friday (so far!!!)

Hope you can help -

Lisa

tigerfeet2006

pugs wrote: »

Hi everyone - this is my first post and you all sound so knowledgable and i really need a little reassurance if you dont mind???

I declared myself bankrupt on friday 28/8/08 after months of debate!

I will be honest and say i was terrible with money and really believe i am better off not being able to get credit................anyway.......

my worries are about my house and my potential income order???

The house is jointly owned (hes not bankrupt!) and it is in serious neg equity of around £30-50,000 but is all up to date and we would love to keep it and transfer interest in equity to my husband (at a cost!!)- will the OR def offer us this option? Would they still make us sell it? Just make sure you tell the OR you want to buy your beneficial interest in the house. As it is in negative equity then you should be able to buy this at £1 plus around £250 costs.

Also i have submitted our 'outgoings' but as i earn a lot more than my husband will they let me pay more towards our outgoings! Of course you can if you earn more.As long as his contribution is pro-rata to what he earns.

I am also 4 months pregnant and just a bit terrified, but on a positive note everyone was lovely at Liverpool court last friday (so far!!!) If you get an IPA then you can tell the OR about any changes in your circumstanses within 21 days and the IPA can be altered up, down, suspended or disolved if needs be.

Hope you can help -

Lisa

Welcome to the board.

Well done on taking the steps you needed to to get your life back on track. Congratulations on your pregnancy, I hope it goes well.

If you pop up the SOA you submitted to the OR then we can check it for you and make sure you have everything on it.

Can I ask who advised you in your bankruptcy?

Red1708

Just to say welcome to the board, there are lots of people on here who will help you in every way possible.

Congrats on the pregnancy, exciting times ahead

pugs_2

Thanks so much for the replies - i half feel like a huge weight has been removed and half just plain terrified!

I will copy my payments below and see what you think tiger - i really appreciate this!!

MORTGAGE + SECURED LOAN - £1353
HOUSEKEEPING - £400 (?TOO MUCH)
GAS/ELEC - £80.00
WATER - £41.00
TELEPHONE - £44.00
TRAVEL (WORK) - £80.00
CLOTHING - £20.00 (COULD NEED MORE - pREGNANT)
COUNCIL TAX - £131.00
OTHER ESSENTIALS - £100.00

total £2249

MY WAGE £1750
HUBBY WAGE £895

I have since found a website though that says you can claim for more that this so have done a revised list too because i havent included my hubbies commitments in this list - but this is what i submitted to the OR - would they allow me to submit a revised list due to being a bit daft!!!!!!!!!!

Thanks so much

Lisa x

tigerfeet2006

Your SOA is definatly missing stuff. Please ring your OR and ask for another form and say you have missed some of your essential outgoigs of the list accidendly.


MORTGAGE + SECURED LOAN - £1353
HOUSEKEEPING - £400 (?TOO MUCH) This is a little over but leave it as is because of the rising prices.
GAS/ELEC - £80.00
WATER - £41.00
TELEPHONE - £44.00 do you have mobile?
TRAVEL (WORK) - £80.00 what about your other essential travel like going to the hospital for check ups?
CLOTHING - £20.00 (COULD NEED MORE - pREGNANT) Up this to £50
COUNCIL TAX - £131.00
OTHER ESSENTIALS - £100.00 what is this?
Buildings insurance?
contents insurance?
TV liscence? £12
Dentist, opticians, prescriptions?
Do you belong to any professional bodies?
Do you have any pets?
Hairdressers? £10 per adult.
Holidays? £50

Don't put your DH full wage down as I bet he has his own things he pays for. Just his contribution to the essential household bills.

Who helped you with your BR?

pugs_2

Thanks for help i will get onto redoing it now - my DH had credit card and overdraft totalling £100 per month but what amount therefore of £850 is to be put into the household pot - very confusing!

I had help from the government debtline but i did the forms by myself with questions asked from the insolvency service when i needed too! Because a lot of mt creditors wouldnt entertain a plan of any sorts!

Rainbow_Butterfly

Hubby can contribute the same % to the bills as he does to the total amount of money coming in.

Total wage: 2645, 895 is 34% (ish) of this total.

So he can pay 34% towards the bills.

Do not put his full wage on the forms, only the total that he contributes to household expenses.

xx

Rainbow_Butterfly

Just realised I maybe didnt explain that very clearly (have a 1 yr old climbing all over me)

So in the below example:
COUNCIL TAX - £131.00

Hubby can pay 34% of this which is £44.54

xx