to go bankrupt or not?? Help!

tiggs123

so does anyone have any feedback on how my SOA looks? i have to add in my overdrats and the electric meter bill, but overall thats about it, what does anyone think? id appreciate your opinion as im completing the forms today.

many thanks

fiveyearplan

tiggs123 wrote: »

Hi,
i have been using this site for a few months now, but have not yet written anything, so here it goes.

my query is whether to go bankrupt or not, not really sure theres any other option. i have enclosed my soa for someone to look at and advise if poss. for the last 3 months i ahve not made any payments to the mortgage or any of the unsecured debts, as my husband lost his job and managing onmy wage is hard. we have used any surplus money left over to save a months rent and deposit and plan to move out soon, just need to save a bit more. and then plan to hand the keys back and go bankrupt, is this the right way to do it? anyone had experience of this?

soa:

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 240 is this total income or contribution?
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1340

Monthly Expense Details
Mortgage................................ 787
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 10
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 20 not allowed, must be paid from surplus
Internet Services....................... 20 ditto unless essential for work
Groceries etc. ......................... 180 this can be raised to at least 300
Clothing................................ 40
Petrol/diesel........................... 40
Road tax................................ 13
Car Insurance........................... 33
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 14
Buildings insurance..................... 19
Contents insurance...................... 18
Life assurance ......................... 24
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 not allowed but leave in just in case
Haircuts................................ 17 20
Entertainment........................... 50 BRs aren't allowed entertainment.
Holiday................................. 20 40
Emergency fund.......................... 20 not allowed
Total monthly expenses.................. 1616


thank you very much for any advise please.

I've put my comments in red above. No need to include your overdraft and you only need you income and expenditure - you can delete all the debt stuff.

Can you provide a case for keeping your car?

tiggs123

soa:

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 240 is this total income or contribution? total contribution he lost his job so is on jsa at moment
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1340

Monthly Expense Details
Mortgage................................ 787
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 10
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 20 not allowed, must be paid from surplus
Internet Services....................... 20 ditto unless essential for work ok didnt know this, thanks
Groceries etc. ......................... 180 this can be raised to at least 300 great!
Clothing................................ 40
Petrol/diesel........................... 40
Road tax................................ 13
Car Insurance........................... 33
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 14
Buildings insurance..................... 19
Contents insurance...................... 18
Life assurance ......................... 24
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 not allowed but leave in just in case
Haircuts................................ 17 20 cool!
Entertainment........................... 50 BRs aren't allowed entertainment. thanks for that didnt know
Holiday................................. 20 40 cool!
Emergency fund.......................... 20 not allowed ok
Total monthly expenses.................. 1616


thank you very much for any advise please.I've put my comments in red above. No need to include your overdraft and you only need you income and expenditure - you can delete all the debt stuff.

Can you provide a case for keeping your car? yes i use it to get to work and also for training which is at least 14-34 miles away one way.

thank you very much for your comments, will this be the same for my husbands soa? all the c.c are in my name and one loan, the mortgage and 2 loans are in joint names, do i split this between the two or leave the one sum on each of them?

thanks again

dalip

If my maths are correct(not good on maths) you are showing a defict of £400 on your income with the above amended figures. How much is rental in your area as opposed to your mortgage?. The judge may ask how you are going to manage with a deficit.

In answer to your questions you put all debts that YOU are lible for on your own SOA's , then list joint debts on BOTH SOA.Dx

tiggs123

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2(my husband has a van which is up for sale, only worth £400)

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 240 is this total income or contribution? total contribution he lost his job so is on jsa at moment
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1340

Monthly Expense Details
Mortgage................................ 787(we are going repossessed and moving to rented which is £475)
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 10
Mobile phone............................ 20
TV Licence.............................. 13
Groceries etc. ......................... 336
Clothing................................ 40
Petrol/diesel........................... 50
Road tax................................ 13
Car Insurance........................... 33
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 14
Buildings insurance..................... 19(this will go once repossed)
Contents insurance...................... 18
Life assurance ......................... 24(this is mortgage life insurance so will go once repossed)
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Holiday................................. 40

Total monthly expenses.................. 1699 before house repossession
1340 after repossession and in rented
i hope this makes sense, appreciate your comments.

tiggs123

i would like to know what steps do i take;

repossession voluntary
petition for bankruptcy
what do i put down on my soa, the current reasons why we are going bankrupt or the rented accommodation which is happening in 2 weeks?

i hope this makes sense, thank you for your comments

i have ammended my soa now so any comments would be great.

also anyone from kent area, would like to know if anyone from this area been through it.

tiggs123

i do do quite a bit of overtime some months so do i need to take an average wage income to put on my soa or shall i base it on my basic wage?

tiggs123

i havenet actually included any cost for expected vet bills, routine boosters, worming tablets etc etc can i do this?

dalip

yes thats better:D . You put on your SOA as it is the day you go bc,if it then changes before your interview you can just tell the OR,also you usually get another i&e sheet to fill in for him so again that can be changed if and when it dose.Dx

tiggs123

well, i phoned up my local court yesterday morning and they booked me and my husband in for today!!!! at 10am. talk about just do it!!
so yesterday we were busy busy busy completing the forms, getting the money together, just didnt think it would be this quick!

i will of course let you know how we get on, sooo nervous!

also yesterday we started the ball rolling with opening a basic account with alliance and leciester which they said will be all up and running within 2 weeks, so thats cool. im just so nervouse now.

any ideas what happens with repossession, im sure we will find out today, but any comments?

well, here goes nothing, :rotfl: