Bankruptacy or charging order

blind-as-a-bat_2

Queen wrote: »

Thank you for your help, I did not know that once he is back at wok the judge would say that we have enough income to live and pay credit etc, the car is needed for him to get to work and back, no direct bus from home to work if he was use txi this would cost £50 per week alone

Im not sure what you mean, a judge wont say that unless you have a large surplus which would cover your payments or at least a decent offer of payment, if you cannot meet your commitments as they fall due then you are insolvent which means in theory you can file for BR, which is true in your situation as i dont believe you will be able to make an acceptible offer to your creditors on your income even when your OH is back at work, but you can show you will manage after BR so see no reason for a judge to refuse BR

Queen

Thank you for your reply total bills £1648 this does include food, clothing car maintenance etc, petrol emergency fund this leaves £1072 per month £268 per week, for the above will the judge not say this is to high for a family of 4

blind-as-a-bat_2

Queen look closely at the 4 I&E's i have posted, is the income correct?

Do you understand why i have added and increased some things?

after meeting your prioraty debts and feeding/clothing your family and heating/lighting your home you have no real surplus to service your debt

Sorry but im having a hard time following your logic in getting to that figure let alone the question

Queen

sorry my head is whizzing with everything going on I just through that with a total monthly income of £2720 the judge would say that we should be able to pay everything on the income we have

Queen

sorry the figure of £1648 shoul have saud does not include food, clothing etc sorry for confusing you

blind-as-a-bat_2

Queen we have all been where you are now, despratly trying to find a way to pay your debts and make the figures fit.

If everything in those I&E's is correct then you cant, its as simple as that, but believe me seeing that is the hardest part of accepting where you are now

Those budgets ive done will give you a good chance of getting through a month without ending up short, and allow for when something goes wrong

As an example you have a car but had not allowed anything for MOT and maintanance, you cannot live like that as your luck runs out eventually, so where does the money come from for a new tyre or exhaust?

Trust me i have been there so do know what it is like trying to make the figures fit, but it wont work long term

Do you understand what im trying to say?

Queen

thank you for kind comments and help, I am trying every way possible to pay everything, I though that once OH is back at work and his income is £1200 then we would be ok, we managed before but the mortgage and other bills have gone up making a differnce of £300/£400 per month extra so see where you are coming from the figures you have used if we do go BR are these what the OR uses and are we likely to pay a monthly amount, its not knowing exactly what is like to happen if we do go BR

blind-as-a-bat_2

Queen wrote: »

thank you for kind comments and help, I am trying every way possible to pay everything, I though that once OH is back at work and his income is £1200 then we would be ok, we managed before but the mortgage and other bills have gone up making a differnce of £300/£400 per month extra so see where you are coming from the figures you have used if we do go BR are these what the OR uses and are we likely to pay a monthly amount, its not knowing exactly what is like to happen if we do go BR

And that is why going BR is so hard as you lose control, the funny thing is you will realise you wernt in control anyway

The first example of if you went BR is the most likely from what we see and leaves a surplus of £328, from that you need to deduct any child benefit, that is the starting figure for an IPA calculation, but that is a joint figure, and the surplus is based on your individual surplus.

Up to £99.99 surplus means no IPA, if you go over that the OR will take 50%, so if you or your OH has a surplus of sa £120 then they would take £60

But whatever way it works out you will be better of than you are now

Your only real worry if you go BR is that they wont exempt the car, and if they deem you still have equity in your property

But if they dont exempt the car you will be able to add the taxi fares to your I&E instaed as your OH has no option

Queen

sorry to sound a bit thick but we both would need to g BR biggest debt in joint names, £120 child benefit leaving a surplus of £238 how much would they take from this for a IPA

Queen

sorry should be a surplus of £208 n0t £238