Reason for Bankruptcy

jaydub_2

Hi,
I have added the figures, I forgot about them this morning ( Just finished a night shift). I think you are right Addicted2Chocholate, it looks better including the figures. Thank you all again.

I am no longer in a position to make repayments to my creditors due to a big reduction in my disposable income.I have a joint bank account with my wife and everything is paid from that account.The account used to recieve £2600 each month made up from my wage of £1500 and my wifes of £1100
My wife became ill in 2006 and had to take a lot of time off work. She appeared to make a recovery and returned to work, but not on the full hours that she was used to. This reduced our income by £200, but we were managing. Then after the summer of 2007 my wife had the same problem again and this resulted in her losing her job in December 2007.This reduced our income to my wage (£1500) plus my wifes benefits (£300).

We had two large loans which only had insurance cover for me being made unemployed, as I was the main name on the loan agreements.
It is highly unlikely that my wife will be able to return to the kind of job she had before her illness and is still on incapacity benefit. Which means we would find it impossible to repay all that we owe.

We contacted CAB in February 2008 and arranged an interview with them to find help with our situation. We were told that the best option for us would be bankruptcy. Unfortunately we did not have the funds to go down that route. The CAB advisor told us that we could enter into an agreement with our creditors and make offers of payment after we had put together a financial statement. The advisor also said that we would still be able to go bankrupt at a later date if we wanted to. Offers were made to all of our creditors, but the two main ones refused to accept our offer and we have been harassed by them ever since, and there has still not been a resolution to the situation.

Since February 2008 we have struggled to live on our income and find we are no longer able to meet our creditor’s demands and sustain an acceptable standard of living. We now have the funds available for bankruptcy fees and this is why I am petitioning for bankruptcy today.

dalip

Perfect well done:T

jaydub_2

Thanks

I'm starting to feel a little bit more confident about going BR now.

Addicted2Chocolate

thats much better, well done! Its clear now that your household income has dropped by £800pcm in the last 2 years, that would mean you could no longer afford to service your debts: a perfectly reasonable cause fo insolvency.