questions,questions,questions!

powell16

Hello everyone

both myself and my other half are going bankrupt, i am just beginning to fill all the forms in, and i have a few questions i am hoping someone can help with.
we have some joint debts and some individual debts, which seem easy enough to put on the forms, however, do i put down the rent we pay on both our forms and all the bills on both forms or should i put some bills on my form and some on his form, what about food shopping etc at the minute we just have a joint account where all our food shopping and bills etc go out of so we both pay for everything. i am confusing myself with this!! any help would be gratefully recieved. thanks

powell16

peachyprice

Hi Powell, welcome to the forum.

When you fill in your forms on each one you put all the household expenses in full plus your one individual expenses i.e travel, hair, etc., on your own form only.

When it comes to income you put the whole of your own wages plus your OH's contribution to the household bills only, not the whole salary, which should be the equivalent of about half of the household bills.

Hope that makes sense

powell16

thanks peachy

do secured loans get taken into account when you go bankrupt, we are wondering about a voluntary repossesion so then everything (i believe) would become unsecured, HELP can anyone advise


thanks

peachyprice

If you go for voluntary repo the secured loan will be included in your BR once the house is repo'ed.

If you keep the house it won't and you will still have to pay the loan and mortgage.

HTH

powell16

hey peachy

thanks again, i am really worried about all of this, we have 4 kids ranging from 17 down to 2 years, we have our own house but have just rented somewhere and were looking to voluntary repo, but now the government have come up with that buy back scheme where they buy a part or all of your house and you are able to still live in it, wot do we do!!!! try and stay so not to uproot the kids or go and rent and let it be repossessed.
both me and hubby both work, i am a nurse and he works for local authority, we have quite large child care costs with the baby. i am sorry for rambling it is good to talk to someone who understands, we have a few so called friends who cant understand how u get into such a mess!! however, we have a lot of family and friends who say get on with it and become bankrupt, for me i was ashamed initally but now i have come round to the idea and the soponer i get the forms filled in the better.

thanks again

peachyprice

It is a tough call, and one only you can decide what's best for your family.

When we first went BR we stopped paying the secured loan and mortgage and were all set to moved into rented, but had a moment of clarity and decided to stay put and see what this year of BR brings. We do (did?) have equity so we'll see what the OR does at the end of the year, but we've managed to carry on as normal so far, and I think it's made the whole process less tressful, if we do have to move out in March at least we're not doing it at the same time as coping with BR.